Adoption defi Tokens

Multisigs mean funds in bridges are 'one small slipup' from being hacked

Reading now: 514

The recent exploit on Harmony’s Horizon Bridge revealed the inherent flaws with multisig admin keys that leave projects and their users “one small slipup” from deep trouble.Two crypto project leads expressed their concern that the expansion of the multi-chain ecosystem could be hampered by the use of multisig contracts due to the dangers they pose with bridges keeping crypto funds safe.

Multisig refers to the requirement of multiple individuals to approve a transaction. The multichain ecosystem is the conglomeration of hundreds of blockchains with varying consensus algorithms that often interact through token bridges.Founder of the Moonbeam blockchain Derek Yoo told Cointelegraph that he advocates for new approaches to security that aim to take the element of human error out of the equation.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News