Investigations are ongoing, and the platform has disabled the cBridge to protect users from losing their crypto assets.
cBridge Suffers DNS Exploit
Initial investigations by Celer Network show that some suspicious DNS activity on the cBridge began around 19:00pm UTC on August 17. The platform believes that the exploit is designed to lure users into interacting with some compromised smart contracts and drain users’ crypto assets in the process.
While the platform continues its investigations, it has shut down the cBridge frontend user interface as an interim measure to protect users.
In addition, Celer has alerted users to revoke any token approvals they gave to the following smart contracts:
To revoke approvals, users need to visit the token approval page of each network’s blockchain explorer. Users on BNB Chain can use the BSC News guide, and the process is similar on other networks.
The use of cross-chain bridges like cBridge is quite popular perhaps because of its convenience. However, there have been concerns about their possible security vulnerabilities; Ethereum’s founder, Vitalik Buterin, famously called them out in a tweet earlier this year:
Celer Network is currently investigating the full extent of the DNS exploit. BSC News will bring you the news as more details emerge.
What is Celer Network:
Celer Network is the leading inter-blockchain and cross-layer communication platform in the industry. The protocol offers fast, secure, and cheap bridging between multiple chains. The Celer ecosystem comprises three unique products: inter-chain Message Framework, cBridge, and Layer2.Finance.
Where to find Celer Network:
Source : bsc.news
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