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Gravity Bridge Loses $5.4 Million in Suspected Signing Key Compromise

Attackers drained roughly $5.4 million from the Gravity Bridge Ethereum-side contract early on May 30. On-chain investigators level to a compromised signing key somewhat than a smart-contract flaw.

The exploit eliminated $4.3 million in USD Coin (USDC) and 274 ether (ETH) value $553,000. PeckShield additionally recorded $434,000 in Tether (USDT) and PAYG tokens value $64,000.

Inside the Gravity Bridge hack

The drain got here from the bridge’s verified Ethereum contract, with privileged entry enabling withdrawals that appeared licensed. On-chain analyst Specter flagged the incident first, itemizing two attacker addresses tied to the theft.

PeckShield mentioned the hacker moved a part of the proceeds by ChangeNow and Binance to obscure origins. Cyvers Alerts and different on-chain screens confirmed the figures shortly after.

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The attacker swapped most stablecoins into ETH and now controls about 2,102 ETH value roughly $4.23 million.

Gravity Bridge connects Ethereum to the Cosmos ecosystem through IBC, letting property corresponding to USDC transfer between chains. The bridge held roughly $11.5 million in whole worth locked earlier than the drain.

Past cross-chain bridge attacks like Ronin and Poly Network uncovered how concentrated keys grow to be a single point of failure.

PeckShield beforehand tallied eight main bridge exploits totaling $328.6 million in May alone.

Earlier incidents embody the Meter bridge hack and a broader sample of validator key failures throughout the sector.

Stablecoin issuers can blacklist addresses in minutes. Funds routed by non-custodial providers like ChangeNow are more durable to retrieve.

The remaining ETH stash is absolutely traceable on Etherscan however can nonetheless be cut up, blended, or bridged to different chains.

The Gravity Bridge staff has not issued a public response.

The put up Gravity Bridge Loses $5.4 Million in Suspected Signing Key Compromise appeared first on BeInCrypto.

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