June 4, 2023

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The crypto community is going through a bit of a rough patch at the moment; no one is having the melodious times with the crypto market as once was pictured so eloquently by investors and crypto analysts.

The whole market is in the red; some of the tokens managed to have double-digit gains amid this red tornado of price slashes and no reversals, and the DeFi bridges that favor the operations of the crypto tokens, DApps, and NFTs continued to battle with the exploits and cybercriminal attacks that are initiated by the hackers to gain their hands on this amazing fortune which they would be able to transfer in their own crypto wallet should they become successful in breaking the security of the bridge protocols.

Crypto Market is Susceptible to Hacks and Cyber Thefts

Data theft, hacking and cyber exploits are nothing new for the crypto market, people have tried thousands of times before to undermine the security of the crypto market, and they would continue to do so unless they are offered a huge clean fist in their faces which will eventually force them to give up this exercise for good.

This is what has happened recently; a hacker tried to undermine the security of a bridge protocol belonging to the Rainbow bridge for the sake of transferring all of the crypto tokens and other essentials that the bridge was catering to at the moment and received a fatal blow from the developers.

It is not a new piece of news that the crypto community and applications that run on blockchain technology are susceptible to hacking, and there have been tons of hacks in the past that have hurt the credibility of the crypto market at length.

Also Read:  What You Should Know About OpenSea's Data Breach

This is why consistent upgradation of the protocols is required if this kind of activity is to be stopped; otherwise, the crypto market would become the same as the stock or forex market, which is a bit easier to undermine.

But this time around, this hacking attempt on the Rainbow bridge was successfully counteracted by the developers of the platform, and the hacker lost their safety deposit which goes to show the extreme advantage decentralization has over centralized financial infrastructure.

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