Ethereum · Cointelegraph
Taiko urges users to withdraw as bridge exploit drains $1.7 million
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Taiko’s bridge and ERC20 Vault on Ethereum suffered a compromise in its chain state verification mechanism, allowing forged proofs and unauthorized withdrawals.
Key facts
- The exploiter has already transferred 1.99 million Taiko (TAIKO) tokens worth around $189,000 to MEXC, stated PeckShield
- Blockaid estimated that at least $1 million had been stolen, while Lookonchain and PeckShield suggested the value of assets stolen could be as high as $1.7 million
- On Saturday, around $1.1 million was drained from the OLPC/LABUBU liquidity pool on PancakeSwap
- The Taiko exploiter account holds more than $1.5 million in ETH
Summary
Taiko, an Ethereum layer-2 blockchain, has urged its users to withdraw assets from the network’s bridges after an exploit on one of its bridge protocols saw attackers make off with $1.7 million in the latest decentralized finance hack this month. “We have confirmed a compromise of Taiko’s chain state verification mechanism,” Taiko posted to X early on Monday. “We strongly advise all users to withdraw their funds from all bridges deployed on Taiko immediately,” it added. It is the latest in a series of crypto protocol exploits this month, which now number at least 23, according to DeFiLlama.