Bitcoin, Ethereum-Linked Protocols Lose $35M in Bridge Attacks

Key Point

At least three crypto bridges and cross-chain protocols were drained of more than $35 million in a six-hour span. BlockAid detected a Verus-Ethereum bridge exploit that drained about $7.54 million in ether, tokenized bitcoin, and stablecoins. BlockAid said the Verus attack reused the same bridge contract and entry path as an earlier May hack that caused an $11.5 million loss. The B2 Network lost roughly $3.86 million after an attacker seized its staking contract’s upgrade authority. BlockAid and PeckShield reported that the attacks involved logic flaws or compromised keys rather than broken cryptography.

Why it matters: Bridge security failures may reduce confidence in cross-chain liquidity because users rely on these systems to move assets between networks.

Market Sentiment

Bearish, Stress-on, Tech-driven, De-risking.

Reason: At least three bridges and cross-chain protocols lost more than $35 million in six hours, which points to acute infrastructure risk.

Similar Past Cases

The Ronin Bridge hack drained $625 million and became a major reference point for bridge security failures in crypto. Ronin later moved toward an Ethereum Layer 2 migration four years after the attack. (The Block) Difference: The current incident involves several smaller protocol drains within hours rather than one dominant bridge failure.

Ripple Effect

Bridge exploits can reduce trust in cross-chain liquidity because users may avoid systems that depend on upgrade keys or vulnerable import paths. If affected bridges halt or restrict transfers, then liquidity could fragment across connected networks. If the same bug class appears again, then security reviews may become the main signal for whether the damage remains contained.

Opportunities & Risks

Opportunities: If affected protocols publish fixes and access-control reviews, then waiting for those updates before adding bridge exposure can reduce smart-contract and key-management risk.

Risks: If additional bridge reserves are drained or the same bug class appears again, then reducing exposure to affected bridge liquidity can limit downside from repeat attacks.