Understanding Crypto Bridges and $1 Billion in Thefts

In June, hackers looted about $100 million from crypto bridge Horizon. Money stolen from bridges had exceeded $1 billion, a stark reminder that just because something is useful, fast and cheap doesn’t mean it’s safe. Almost $12 billion is locked on Ether bridges, data from Dune Analytics show. Bridges typically use so-called smart contracts to automatically convert a user's currency into a wrapped token that can be used on a different blockchain. The rising interest in DeFi, in which users often seek to lend or trade a variety of currencies, has increased the need for mechanisms to bridge the gulf between blockchains. In 2021, the Optics bridge on the Celo network saw its bridge development team effectively lose control of the project Source