Hackers exploited a vulnerability in a cross-chain bridge Saturday, stealing nearly $300 million from decentralized finance infrastructure. The breach triggered cascading effects across multiple crypto platforms.
The attack targeted a critical piece of DeFi infrastructure used to transfer assets between different blockchain networks. Cross-chain bridges have become attractive targets due to their role in connecting isolated ecosystems and the complexity of their security models.
The stolen funds represent one of the largest DeFi exploits this year. The breach sparked immediate concerns about systemic risk in the sector, with analysts monitoring potential contagion across interconnected platforms that rely on the compromised bridge.
Crypto platforms dependent on the affected bridge have begun implementing protective measures. The incident underscores ongoing vulnerabilities in DeFi protocols, despite repeated security audits and millions in protocol insurance reserves.
This marks the latest in a series of high-value exploits targeting decentralized finance. Security researchers are investigating the attack vector to determine if similar vulnerabilities exist in other cross-chain infrastructure.
The SEC has postponed a plan that would have granted broad exemptions allowing US crypto firms to trade tokenized versions of stocks. The delay affects a significant expansion of crypto assets linked to traditional equities.
Kelp DAO has completed recovery of its restaked Ether token following a five-week effort to address a $293 million exploit attributed to North Korea's Lazarus Group in April.
Morgan Stanley launched a cryptocurrency trading pilot on E*Trade with lower fees than Coinbase, Robinhood, and Charles Schwab. The firm plans a broader rollout in 2026.
Crypto exchange Bullish agreed to acquire UK-based financial services outsourcing firm Equiniti from Siris Capital for $4.2 billion. The deal is expected to close in January 2027.