Two Crypto Hacks Kickstart June with $15 Million in Losses
The post Two Crypto Hacks Kickstart June with $15 Million in Losses appeared on BitcoinEthereumNews.com.
Two new crypto hacks announced today target Nervos Network’s Force Bridge and Taiwan’s BitoPro exchange. Initial estimated losses from these two hacks amount to approximately $3.7 million and $11.5 million. Force Bridge Hack: $3.7 Million in Losses The first hack targeted Force Bridge, a cross-chain bridge of the Nervos Network. According to a report from Cyvers Alerts on X, a suspicious address gained control of the bridge. After successfully executing the attack, the hacker stole approximately $3 million in assets, including 257,800 USDT, 539.09 ETH, 898,300 USDC, 60,400 DAI, and 0.79 WBTC. Transaction related to Nervos Network’s Force Bridge. Source: Cyvers Alerts These funds were subsequently converted to ETH and transferred to Tornado Cash—a transaction anonymization tool, complicating traceability efforts. Cyvers Alerts’ analysis images show the flow of stolen assets, with confirmed losses totaling $2,655,500 as of the incident’s occurrence at 07:17:04 on June 1, 2025 (UTC). Earlier, Magickbase—the operator of Force Bridge—detected abnormal activity at 03:12 on the same day and promptly suspended investigation services. This swift response, however, could not prevent the losses. In a latest statement from Magickbase, the total amount of funds affected is approximately $3.7 million, of which roughly $3.1 million is on the Ethereum chain and approximately $600,000 is on the BNB Chain. For safety reasons, Force Bridge (ETH/BSC to CKB bridge) has been temporarily disabled until further notice. “Whenever a bridge exploit happens – no matter how big or small – it hurts everyone in the blockchain industry. There is a desperate need for open, vetted, industry-wide interoperability standards. As long as we, as an industry, continue to rely on proprietary products where shared, core infrastructure should exist, these kinds of tragedies will continue to happen,” Wanchain CEO, Temujin Louie, told BeInCrypto. Suspected BitoPro Hack, $11.5 Million in Losses On the same day,…
Filed under: News - @ June 2, 2025 7:27 pm