Taiko Bridge Security Compromise Triggers Urgent Withdrawal Warning

Secret Network's Axelar bridge connection was suspended after an infinite-mint exploit drained about $4.67 million in wrapped assets.

Researchers estimate more than $1.7 million was stolen after attackers allegedly exploited Taiko's proof verification process.

Attackers stole $1.7 million in the most recent decentralized finance heist this month using an exploit on one of the network’s bridge protocols; Taiko, an Ethereum layer-2 blockchain, has now asked its users to remove assets from the network’s bridges. On Monday, the layer-2 blockchain brought to light a vulnerability

Ethereum scaling solution Taiko confirmed that its bridge source-signal proof validation mechanism was compromised, allowing hackers to bypass protocols and drain an estimated $1.7 million from its ERC-20 vault. Technical Flaw Leads to $1.7 Million Loss Ethereum scaling solution Taiko confirmed June 22 that its chain state verification mechanism had been compromised. As a consequence, […]

Yet another security incident has been reported today, where popular Ethereum L2 network Taiko was exploited for around $1.7 million.

Taiko urged users to withdraw bridge funds after a verification mechanism compromise, while Blockaid reported more than $1m in vault losses.

Taiko’s bridge and ERC20 Vault on Ethereum suffered a compromise in its chain state verification mechanism, allowing forged proofs and unauthorized withdrawals.

The Taiko exploit highlights vulnerabilities in cross-chain bridges, raising concerns about security and investor confidence in decentralized finance. The post Taiko urges immediate withdrawal of funds from all its bridges after chain verification breach appeared first on Crypto Briefing.