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Usha Yadav
Aug 18, 2022
by Usha Yadav

Celer Network Temporarily Shuts Down Activity On Its Multi-Chain Bridge

Celer Network

Table of contents

  1. Corrupted Smart Contracts
  2. Cryptographic Cross-Chain Bridges Issue
The multi-chain bridge, cBridge, operated by blockchain interoperability platform Celer Network, was temporarily forced to halt operations due to a suspected DNS hack. Celer Network's first investigations reveal that on August 17, about 7:00 p.m. UTC, some unusual DNS activity on the cBridge started.

Corrupted Smart Contracts

According to the platform, the exploit aims to trick users into using corrupted smart contracts to steal their cryptocurrency holdings. The network claims that the exploit's purpose is to trick users into interacting with some corrupted smart contracts. The attackers could then use the opportunity to steal investors' cryptocurrency holdings. The network supplied a list of smart contracts that users can revoke in case of attempted abuse. To revoke approvals, users need to go to the token approval page of each network's blockchain explorer.

Celer Network claims that smart contracts and the Celer Protocol remain unaffected, and Celer DNS's root record was never changed or compromised. The company compared the exploit and what transpired with Curve Finance.

The hack targeted ISPs and DNS servers beyond the network's control. Additionally, the network has recommended the blockchain and cryptocurrency community enable their web browsers' "Secure DNS" settings. Nevertheless, the staff acted fast, and not many users were affected. The group has also promised to make amends for the harmed parties. The team concluded that the front would soon resume with "increased supervision."

Cryptographic Cross-Chain Bridges Issue

Cross-chain bridges are designed to solve the challenge of ensuring interoperability across different blockchains. Because they typically have a concentrated area for keeping money, bridges make suitable targets. In addition, efficient bridge design has technical challenges. In the crypto world, cross-chain bridges like cBridge are well known for their functionality. However, any potential security gaps pose a concern. Moreover, cross-chain bridges were criticized by Ethereum co-founder Vitalik Buterin in a Tweet earlier this year. Buterin stated that "multi-chain" would be the way of the future.

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Smart Contracts Celer Network DNS Hack Multi-Chain Bridge
Celer Network Temporarily Shuts Down Activity On Its Multi-Chain Bridge
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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