Vitalik Buterin considers cross-chain bridges vulnerable to hacker attacks
According to the founder of Ethereum, criminals can carry out a 51% attack on bridges
10.01.2022 - 07:50
461
1 min
0
What’s new? Vitalik Buterin, the founder of Ethereum, the second-largest cryptocurrency by capitalization, has published a tweet detailing the possible vulnerabilities of cross-chain bridges. According to him, they are more susceptible to attacks of a 51% attack type than the classic blockchain networks.
My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple "zones of sovereignty". From https://t.co/3g1GUvuA3A: pic.twitter.com/tEYz8vb59b— vitalik.eth (@VitalikButerin) January 7, 2022
“My argument for why the future will be multi-chain, but it will not be cross-chain: there are fundamental limits to the security of bridges that hop across multiple “zones of sovereignty,” Buterin said.
What are the threats? The Ethereum founder notes that he treats cross-chain bridges with pessimism because they are vulnerable to a 51% attack. While in the classic blockchain networks of large cryptocurrencies, an outcome in which the user loses all the money is virtually impossible, in the case of bridges, there will be no security guarantees.
Buterin also stressed that conducting a 51% attack at present will cost the attackers significant time and money. However, the more new bridges that are created, the greater the likelihood of a future system attack that will affect multiple cross-chain bridges.
Useful material?
Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024