Security
Blockchains are generally secure and make use of asymmetric and symmetric cryptography, as required throughout the blockchain network, to ensure that the core layer of the blockchain is secure. However, there are still a few caveats that can result in the security of the blockchain being compromised.
There have been many high-profile successful attacks on the blockchain ecosystem over the years. Some were outright malicious, and some were accidental; however, they all resulted in significant losses. Some examples include:
- The attack on Binance Smart Chain, which occurred on October 6, 2022. The hackers infiltrated the BNB cross-chain bridge Token Hub where they were able to mint fraudulent BNB tokens, through fake withdrawal proofs. Initially, the estimated damage was 566 million USD.
- In August 2021, the Poly Network theft, which resulted in 610 million USD being stolen. This attack exploited a vulnerability that occurred due to mismanaged access rights...
