Verus Ethereum bridge reportedly exploited for $11.6M in latest DeFi attack
Two security companies have flagged the address where the stolen funds are allegedly being held, showing the cryptocurrencies have been converted into 5,402 Ether.
Verus Protocol’s Ethereum bridge was reportedly exploited on Monday through a fake cross-chain transfer message that allowed a hacker to fraudulently transfer out at least $11.58 million in cryptocurrency.
Onchain security platform Blockaid said in an X post on Monday that its detection system identified an ongoing exploit on the Verus-Ethereum bridge and shared a transaction on Etherscan showing a transfer of 1,625 Ether (ETH), 147,659 USDC (USDC) and 103.57 tBTC v2, worth over $11.5 million.
Blockchain security company PeckShield also called the transfer an exploit, with onchain data showing the funds have since been converted into Ether. The wallet shows a balance of 5,402 Ether, worth over $11.4 million, according to Etherscan.