Interoperability protocol Celer Network asked its users to revoke approval for several phishing contracts after it shut down its cBridge following a suspected domain name system (DNS) hack.
According to the initials of the project analysis, there was suspicious DNS activity around 19:00 UTC on Wednesday. However, as of this writing, the platform is still investigating and trying to find out more about the issue.
Meanwhile, as the platform continues to identify the issue, the team has shut down the cBridge as the first way to prevent further incidents and protect users. The platform also advised its users to revoke token approvals for phishing smart contracts on Ethereum, Polygon, Avalanche, BNB Smart Chain, Arbitrum, Astar, and Aurora.
If you’ve recently used cBridge, be sure to check and revoke any token approval for the following contracts:
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— CelerNetwork (@CelerNetwork) August 17, 2022
Users can access the token approvals page for each network if they wish to revoke approvals as a precaution while the platform continues to investigate the issue and provide a solution.
In January, Ethereum co-founder Vitalik Buterin expressed his disapproval of cross-chain bridges due to their fundamental security limitations. According to Buterin, while the future will be multi-channel, it may not be multi-channel.
Related: Chains crossed in the crosshairs: hacks call for better defense mechanisms
Meanwhile, bridge exploits have become more prevalent in the crypto space, resulting in losses of $2 billion in 2022 alone, according to a report by blockchain analytics firm Chainalysis. Cross-chain bridge exploits account for around 69% of all cryptocurrencies lost to theft this year, with the first quarter leading the way following the Ronin Bridge hack in March.
Despite the hacks, there are still good Samaritans in the crypto space. Earlier in August, crypto exchange Binance recovered the majority of funds that had been drained by Curve Finance’s recent exploit. Apart from this, the hackers also returned around $32 million worth of digital assets to the victims of the Nomad Bridge hack.