Crypto speed Tens of millions of dollars were stolen in August alone, with the dog days of summer not slowing down. As the crypto community continues to pursue expensive exploits, many Web3 users are biting their tongues and waiting for the next big hit.
In the year On August 1, Nomad, a crypto bridge protocol, was hacked for about $190 million. (Crypto bridges allow users to transfer tokens on one chain to another on the blockchain.) Separately, just one day later, more than 8,000 Solana-focused crypto wallets were wiped of their funds. Earlier this week, Curve.Finance, a decentralized finance protocol, was hacked for about $570,000 — a name compared to a nomadic exploit, but an interesting one nonetheless.
“We want people to look at our code base and test it and find bugs in it so it can be improved. We want everyone to collaborate.” Mudit Gupta of Polygon
In the year As 2022 continues to bring together expensive exploits, many people in the crypto space are wondering what can be done to prevent these hacks in the future. Sure, you can stress the importance of education and protecting your own digital assets — but what else?
The answer may lie in projects that use open source software, Mudit Gupta, chief information security officer at Layer-2 blockchain Polygon, told TechCrunch.