Bridge Attacks Will Remain a Major DeFi Challenge in 2023: Security Experts Warn

Security is a major challenge for decentralized finance (DeFi). Between 2020 and 2022, hackers stole $2.5 billion through vulnerabilities in cross-chain bridges, according to Token Terminal data. see

The root cause of all problems with bridges comes from “vulnerabilities in nature,” said Toposware founder and CEO Theo Gauthier. This means that any breach or bug within the chains to which the bridges connect will make the overall bridges vulnerable.

Bridges are used to connect different blockchains and aim to address the lack of standards between protocols. Blockchain interoperability is a key goal to enhance end-user experience and promote wider crypto adoption.

As a solution for collaboration and security in the crypto industry, one of the core technologies available is cryptocurrencies. zero-knowledge rollups (ZKP), which allows data to be validated and verified without disclosing additional information. This is different from conventional collaboration solutions that require networks to disclose their presence.

ZKP can also create an Ethereum Virtual Machine (EVM). Polygon’s chief information security officer, Mudit Gupta, said this allows developers to launch private and completely Ethereum-compatible smart contracts.

“With ZK-powered solutions, this is certainly possible, with zkEVM showing that it can maintain privacy, decentralization, speed, and scalability. and with this We don’t have to sacrifice anything as it is. And it also helps to improve as well.”

Gustavo Gonzalez, solution developer at Open Zeppelin, said that Bridges smart contracts “should be reviewed by multiple third parties before being released. And it should be rechecked every time there is an update. And all results should be shared transparently with the community.”

Machine learning technology can also be used to identify suspicious activity patterns with advanced security audits. including detecting attacks before they actually happen

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