There has been a rise in hacking activities within the crypto space in the past months. This fraudulent act has led to the loss of good crypto assets from investors. A major of it was the hacking of about 15,000 Solana wallets which resulted in the loss of about $4.6 million.
Aave’s group proposal seeks to suspend Fantom-based integration
With the rapid increase in the number of cryptocurrencies and blockchains, it’s of great essential that Decentralized Finance (DeFi) bridges are created and put in place. These bridges are blockchain infrastructures built with the main purpose of switching cryptocurrencies between blockchains. And recently, most bridges have been tampered with by hackers, causing huge losses within the ecosystem.
The siphoning of funds by hackers has occurred on several blockchain bridges like Axie Infinity Ronin bridge with an estimated loss of about $622 million, Nomad bridge with an estimated loss of $190 million, the Wormhole hack with the estimated loss of $320 million and etc. Due to various hacks on major bridges, Aave community has brought up a proposal to suspend all fantom-based integration.
Aave ecosystem proposal aims to protect customers from risk as Aave is not getting enough market share on the Fantom network. They see Fanom blockchain as being faulty and unprofitable as it does not contribute to Aave treasury.
Cryptocurrency bridge hacking remedy
With the increase of blockchain users and blockchain awareness, it’s important that future solutions to remedy this action are put in place. And if this is done, fear of loss will be partly mitigated from the mind of investors. The aim of blockchain should not only be limited to its decentralization but also provide a proper solution to its users. With this in mind, it’s a wake-up call to blockchain developers to also focus on its security.