Taiko | Crypto

Taiko restored bridge transfers after replenishing asset backing and completing security fixes following an 11-day network disruption. Ethereum layer-2 blockchain Taiko reopened its bridge and restored full operations after a June exploit drained up to $1.7 million.  On Thursday, Taiko announced that users could once again move funds to and from the network after completing the final stage of its four-step recovery plan. The project said it had made all victimized users whole and that any remaining withdrawal limits are temporary safeguards that do not affect normal usage.  The reopening ends an 11-day disruption following the implementation of security fixes and the restoration of the bridge's 1:1 backing. Read more

Taiko’s bridge and ERC20 Vault on Ethereum suffered a compromise in its chain state verification mechanism, allowing forged proofs and unauthorized withdrawals. Taiko, an Ethereum layer-2 blockchain, has urged its users to withdraw assets from the network’s bridges after an exploit on one of its bridge protocols saw attackers make off with $1.7 million in the latest decentralized finance hack this month. “We have confirmed a compromise of Taiko’s chain state verification mechanism,” Taiko posted to X early on Monday. “As a result, the security assumptions of all bridges deployed on Taiko can no longer be relied upon.” “We strongly advise all users to withdraw their funds from all bridges deployed on Taiko immediately,” it added. Read more