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Blockchain security firm Arkham has disclosed that there are millions of dollars lay unmoved in DeFi bridges
Arkham noted that the funds may be stuck or forgotten
Some of the funds are associated with Ethereum co-founder Vitalik Buterin and crypto exchange Coinbase

Blockchain intelligence firm Arkham has discovered millions of dollars in DeFi bridges that have been unmoved for months. According to Arkham, the phenomenon means either their owners no longer have access to the funds or that they’ve intentionally left the funds untouched. Some of the millions are held in addresses linked to Ethereum co-founder Vitalik Buterin and crypto exchanges like Coinbase, making it highly impossible for such entities to have lost access to their funds.

$1 Million Stuck for Seven Months

According to Arkham, most of the addresses have up to 7-figure balances with most of them held in Optimism and Arbitrum bridges. A wallet that previously transacted with Buterin has slightly over $1 million untouched for seven months.

GM

There are dozens of accounts with 6-7 figures stuck in bridge contracts, forgotten about.

These include prominent DeFi whales and even an account connected with @vitalikbuterin.

If you’re on this list, you may have misplaced a few million dollars.

Don’t worry – it happens. pic.twitter.com/YaLb5pjtzF

— Arkham (@ArkhamIntel) April 22, 2024

The blockchain intelligence firm disclosed that Buterin’s crypto stash is valued at close to $800 million making the $1 million stuck in the Optimism bridge a small amount if the wallet is actually controlled by the Ethereum co-founder.

On the Arbitrum bridge, a DeFi whale has close to $2 million in wrapped Bitcoin (WBTC) unmoved for more than two years. Another wallet has $800,000 stuck on the bridge for one year and 10 months. Arkham also disclosed that Coinbase’s attempt to move $75,000 through the Optimism bridge six months ago is yet to be completed.

Bofur Capital

Amount stuck: $1.8 Million
Time stuck for: 2 years 3 months
Address:https://t.co/meGmbHhxmp

Bofur Capital’s 27 Bitcoin has been sitting in the Arbitrum bridge for over 2 years now, and is now worth almost $2M. pic.twitter.com/IPe4PNQt6O

— Arkham (@ArkhamIntel) April 22, 2024

$540 Million Hacked from Ronin Bridge

Arkham’s revelations come at a time when DeFi bridges’ hacks have reduced although bridges remain a target for malicious actors due to millions of dollars stored or moved through them. The Ronin hack is among the severest hack draining $540 million from the bridge.

Although Arkham’s research doesn’t indicate whether the funds are stuck or forgotten, some DeFi users may have knowingly packed the funds for use at a later date.

The post Arkham: Millions of Dollars Stuck or Forgotten in DeFi Bridges appeared first on FullyCrypto.

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Filed under: Bitcoin - @ April 23, 2024 10:28 am