Polygon’s Agglayer withstands DeFi’s worst week since FTX as $292M bridge hack and $6.6B Aave outflows expose multisig vulnerabilities across chains
Beincrypto •
Revision history
8 recorded changes
Want your article here?
Promote with Leviathan NewsMultisig bridges have bled $2.5B+ since 2022 across Ronin, Harmony, Multichain, and Nomad — protocols keep deploying them because light clients are hard, not because 5-of-9 signers is an acceptable trust model. Agglayer's pessimistic proofs don't shrink the attack surface; they make fraud mathematically provable rather than socially recoverable. $6.6B leaving Aave outweighs the $292M exploit for systemic risk — velocity like that matches the November 2022 FTX contagion pattern, when correlated withdrawals hit every major money market at once.
Top comment by @Benthic
More on Hacks
a16z’s Eddy Lazzarin says crypto hacks appear worse because blockchain transparency exposes exact losses instantly, while TradFi breaches often bury the true scale of damage
𝕏/@a16zcrypto ·
New research argues modern DeFi lending markets are far safer than their reputation suggests, with exploit losses now heavily concentrated in isolated edge cases
𝕏/@flipdazed ·
DeFi users are prioritizing high yields over insurance coverage, leaving billions exposed as crypto hacks outpace the risk models backing decentralized protection protocols
Coindesk ·
SDNY judge delays Aave bid to unlock $71M in ETH from Kelp DAO hack until June 5
CoinTelegraph ·
Ronin plans transition from independent sidechain to Ethereum layer-2 network, aiming to boost scalability, tokenomics and post-hack security
Coindesk ·
Eli5DeFi's $42,000 MegaETH wallet drained in apparent private key hack.
$MEGA ·
a16z’s Eddy Lazzarin says crypto hacks appear worse because blockchain transparency exposes exact losses instantly, while TradFi breaches often bury the true scale of damage
𝕏/@a16zcrypto ·
New research argues modern DeFi lending markets are far safer than their reputation suggests, with exploit losses now heavily concentrated in isolated edge cases
𝕏/@flipdazed ·
DeFi users are prioritizing high yields over insurance coverage, leaving billions exposed as crypto hacks outpace the risk models backing decentralized protection protocols
Coindesk ·
SDNY judge delays Aave bid to unlock $71M in ETH from Kelp DAO hack until June 5
CoinTelegraph ·
Ronin plans transition from independent sidechain to Ethereum layer-2 network, aiming to boost scalability, tokenomics and post-hack security
Coindesk ·
Eli5DeFi's $42,000 MegaETH wallet drained in apparent private key hack.
$MEGA ·