A recent heist saw $624 million of crypto stolen from Ronin Bridge, the sidechain that passes funds between Ronin Network and Ethereum. This is a lesson on security in new ways of converting money as the crypto system grows more complex.
“The fundamental security limits of bridges are actually a key reason why, while I am optimistic about a multi-chain blockchain ecosystem … I am pessimistic about cross-chain applications,” Buterin wrote.
Much of Buterin’s critique of cross-chain bridges stems from the fact that they are particularly vulnerable to 51% attacks like the one that afflicted the Ronin network. If a bridge is attacked on one blockchain and drained of funds, users on the other end of the bridge – on a totally different blockchain – are also affected, since they will be left holding tokens that are no longer backed by anything.
Sky Mavis tried to scale up its ability to operate on Ethereum by building out a sidechain .
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