Gravity Bridge Halts Operations After $5.4 Million Exploit
- Gravity Bridge was drained of approximately $5.4 million, leading to a halt in operations by validators.
- The exploit involved the theft of about $4.3 million in USDC, along with Wrapped Ether (WETH), USDt (USDT), and PAX Gold (PAXG) tokens.
- Security firm PeckShield confirmed the breach and noted that some stolen assets had been laundered through ChangeNow and Binance.
- Validators were advised to halt their operations while the incident is investigated.
- Gravity Bridge enables cross-chain transfers between Ethereum and Cosmos using a decentralized validator set for authorization.
The recent exploit has raised concerns about security in decentralized finance (DeFi), especially regarding bridge technologies, as highlighted by JPMorgan analysts questioning their scalability for institutional use.
Currently, Gravity Bridge’s native token, Graviton (GRAV), is trading at $0.0007053, reflecting a decline of about 4% over the past day amid these security issues.(Source)
