- Celer Network suggested users withdraw token approvals for smart contracts.
- The project’s initial analysis reported a suspicious DNS activity around 7:00 pm UTC on Wednesday.
Celer Network, an Interoperability protocol, requested its users to withdraw the approval for several contracts after shutting down its cBridge over a presumed Domain Name System (DNS) Hijacking.
The project’s initial analysis reported a suspicious DNS activity around 7:00 pm UTC on Wednesday.
The platform continues to identify the problem; the team has halted the cBridge as an initial way to avoid further casualties and protect users. The platform also suggested users withdraw token approvals for smart contracts on Ethereum, Polygon, Avalanche, BNB Smart Chain, Arbitrum, Astar, and Aurora.
https://twitter.com/CelerNetwork/status/1560046913436946432
The users can visit the token approval page for each network if they want to withdraw the approvals as a precautionary measure. Moreover, the platform is working on the issue and is looking forward to solving the issue as soon as possible.
In H1 of 2022, the co-founder of Ethereum, Vitalik Buterin, expressed his disfavour for cross-chain bridges due to their fundamental security limitations and believes that the future will be multi-chain it may not be a cross-chain.
According to a blockchain analytics firm, Chainalysis, Cross-chain bridge exploits define around 69% of all the cryptocurrency lost to theft in the following. Moreover, the bridge became the topper of the list and lost approximately $2 billion in 2022.
As per data from CoinMarketCap, While writing this article, the Celer token is trading at $0.01975.
Cross-fasten spans are utilized to send tokens among blockchains and are a famous instrument utilized by the local crypto area. Chainalysis said that the basic innovation of cross-chain spans is still in its earliest stages and that many new models are being tried, leaving it open to assault.
Earlier this month, The Coin Republic reported that The most eminent of the 13 cross-chain after this year was the Ronin Bridge exploit, which saw the convention lose $625 million in ether (ETH) and USDC in the wake of being designated by North Korean hacking bunch Lazarus.
Source: https://www.thecoinrepublic.com/2022/08/19/celer-network-paused-the-bridge-over-possible-dns-hijacking/