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Celer Network (CELR), an interoperability protocol, has requested its consumers to invalidate the authorization for many contracts after closing its cBridge due to a likely DNS hijacking. As per the initial analysis of the project, a suspicious DNS operation was witnessed on 17th August. Nonetheless, the venue is even now attempting to examine and find out the real matter.

Celer Network Stops Bridge Fearing a Likely DNS Hijacking

In the meantime, as the venue keeps on highlighting the issue, its team has carried out the cBridge’s termination as a primary move to prevent any further mishaps as well as to protect the consumers. Apart from stopping the bridge, Celer Network also cautioned the customers along with advising them to invalidate the token approvals in the case of smart contracts in Aurora, Astar, Arbitrum, Smart Chain, Binance, Avalanche (AVAX), Polygon (MATIC), and Ethereum (ETH).

On its official account on Twitter, Celer Network addressed the clients and described the situation. It assured them that they are delving into the matter. It also issued the warning that the users should avoid utilizing the frontend to bridge. Currently, the consumers are capable of accessing the page specified for token approval for each of the supported networks if they are willing to revoke their approvals. This counts as a precautionary move till the network comes up with the findings of the investigation as well as an adequate solution.

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Cross-Bridge Attacks Engulf the Crypto Industry

In this year’s January, Vitalik Buterin (the co-founder of Ethereum) commented that he does not favor cross-chain bridges. He provided the reason that they are usually deficient due to their essential security limitations. In the words of Ethereum co-founder, the future of blockchain lies in multi-chain instead of cross-chain. Simultaneous to this, a considerable elevation has been witnessed in the bridge exploits across the crypto sector.

This has paved the way for the cumulative losses of up to $2B just in the current year. A report has been published on the behalf of Chainalysis (a blockchain analytics platform) in this respect. It mentioned that the percentage of the exploits targeted on cross-chain bridges has reached near 69% of the entire crypto assets that were lost in criminal operations during 2022. The most prominent exploit was aimed at the Ronin Bridge and it took place in March during the 1st quarter of 2022.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.