Over 6 months ago Vitalik Buterin explained the dangers of "cross chain bridges" - Following the $100m Harmony One Hack lets remind ourselves why they're dangerous.

  1. Not my largest bag, but a significant one. Fuck it I was always in it for long. Time will tell if I’m a genius or a degenerate

  2. Bought at 12c and sold at 30c. Anyone who knows what TVL is should realize that ONE was highly overvalued at 30c 😂

  3. Had a small bag, panic sold when it started tanking, saying to myself I’d buy back in cheaper. I haven’t bought back in and I’m not feeling it right now…

  4. Does anyone else think it's weird that the price of ONE barely flinched after a $100mil hack? I mean, I know it's the bridge and not the entire network but...

  5. more bearish for bridges than harmony in particular - so maybe negative for chains that overly rely on bridging for liquidity and functionality. also, ETH +10% today and everything is rallying, which probably helps offset bad token-specific news.

  6. Uhmm you missunderstood, Vitalik's point that you quoted is not refering to wrong implementations of bridges like the Harmony, Ronin or smart contract bugs like Wormhole. He's referring to the fact that bridges pretty much use light clients to verify the accuracy of data on the other side of the bridge and such light clients can be easily fooled by a miner/validator collusion.

  7. They will have to cough up 100 mill from somewhere. Either by dumping more ONE or recovering via FBI. For now, the only way is down. If they do firm this and get over the bear market with all odds against them then they deserve to be the new bitcoin that's how much of an achievement this will be.

  8. Majority yeah as that was the main bridge pair but lots of other high value high liquidity tokens also got drained.

  9. I fear a tsunami of downvotes, but is part of the problem that the EVM model that ONE uses makes it virtually impossible to produce a secure smart contract and virtually impossible to audit that such a smart contract is secure?

  10. The smart contract wasn't hacked, this attack happened due to sloppy security that only required two signatures to access the funds.

  11. It's one of the few chains I actually used amongst friends, we created our own token ages ago and use it to make stupid bets with one another. Super low fees and super quick so it was a great introduction to crypto for some of them. Luckily ours has absolutely 0 value so we're not really losing out.

  12. Cosmos IBC as it currently is, without shared security, is exactly the type of bridged protocol that Vitalik is critical of.

  13. Yeah there are a few core devs for various coins (BTC, ETH etc) that pop in every now and again to the specific subs. I figure for the most part they stay out of it unless there is specific technical analysis to discuss/correct. It's always a bit wild seeing one of them appear out of the blue.

  14. Infinitely safer. A typical 51% attack would likely be very brief, thanks to mining pool compromise or something like that, and be corrected within hours.

  15. This is why DYOR is so important. Harmony was attractive because it sold interoperability. However, it seems like the only chain that really solves this is Polkadot with its parachains.

  16. I haven't looked into them personally but it's difficult, either you have some authorisation to make changes (i.e via multisig) in case shit goes wrong, or you best be damn sure that the code is right the first time round.

  17. Centralised bridges are dangerous. Harmony also has trustless decentralised bridges. This is the way of the future. Also, the code didn't get exploited on the harmony bridge. It was poor security/safety measures of the bridge multi sig holders that was compromised.

  18. I know everyone hates this but this is why ICP is a great project. They’re going to have direct integration no wrapped. If you’re not aware of this check it out they’re currently directly integrating BTC onto their chain then they’re going to do ETH and so on.

  19. So what are your thoughts on the safety using EverRise? They are bridging over 10 coins and have a “native swap” that gives you that coin directly instead of a wrapped version.

  20. The whole point of these cross chain assets is you actually convert them, not just hold them like they are a real crypto.

  21. I cut my losses on harmony just a few weeks ago. I was expecting to buy in lower but at this point I’m just going to leave it alone and count my blessings.

  22. To be fair this could absolutely already happen with various bridges on ETH. There wasn't anything specific to Harmony other than poor signature management that likely caused this. 2/4 multi sig appears to have been compromised and funds stolen that way.

  23. Sorry but Harmony and the projects on it are garbage, scams and rug pulls galore. My advice, stay far away.

  24. ugg. I was waiting for ONE to drop back down under $0.01 so I could load up, but wasn't expecting it to be because of a situation like this.

  25. And Harmony I thought you were the ONE. Used to be my biggest bag because I had faith in it. Thankful for this bear market anyways

  26. Erm what? If eth gets 51% hacked, who the fuck cares about the bridge lol. That's going to the most extreme case you justify an anti stance against cross chain, which nullifies it completely. If eth gets 51% that means people might be able to even double spend things like usdt and USDC which is far worse then some lousy cross chain bridge.

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