Cyvers Alerts Detects $3M Exploit On Nervos Network Bridge, Magickbase Suspends Contracts Amid Investigation
In Brief
Cyvers Alerts identified a $3 million exploit on Nervos Network’s bridge, prompting Magickbase to suspend smart contracts and launch an investigation.
Blockchain security platform Cyvers Alerts, announced that its real-time monitoring system has detected a series of suspicious transactions associated with the modular blockchain Nervos Network.
According to the analysis, the unknown attackers were able to compromise the project’s bridge infrastructure and extract approximately $3 million worth of digital assets.
According to analysts, these included 257,800 USDT, 898,300 USDC, 60,300 DAI, 539.09 ETH, and 0.79 WBTC. The stolen funds were subsequently converted into Ethereum and transferred to the privacy-focused mixer Tornado Cash.
In reaction to the security incident, Magickbase, one of the primary contributors to the Nervos ecosystem, has temporarily suspended all associated smart contracts and initiated an internal investigation to determine the scope and nature of the breach.
“We’ve detected abnormal activity on #ForceBridge and have paused the service as a precaution. Our team is investigating. Updates will be shared ASAP,” the team stated.
Nervos Network: What Is It?
Nervos Network is a modular, open-source blockchain platform developed to tackle core limitations in scalability, interoperability, and decentralization across distributed ledger technologies. First introduced in 2019, its foundational layer, the Common Knowledge Base (CKB), is secured by a Proof-of-Work consensus mechanism and adopts a generalized Unspent Transaction Output (UTXO) model, allowing for adaptable and secure execution of smart contracts.
The system’s architecture is designed with distinct operational layers, where the base layer (CKB) prioritizes decentralization and security, and higher layers address scalability and support for specific application needs. This structure allows developers to create decentralized applications that can communicate across different blockchain systems, expanding the platform’s integration potential.
Meanwhile, operating out of Singapore, Magickbase plays a supporting role within the Nervos ecosystem by providing infrastructure services aimed at assisting both developers and users. Additionally, Magickbase is involved in managing the Nervos Network’s primary cross-chain infrastructure. On May 31st, the company issued a notice confirming its intention to discontinue Force Bridge, citing limited user engagement and the high cost of maintenance as key reasons for the decision.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
