Gravity Bridge Faces $5.4M Exploit as Hacker Launders Funds Through ChangeNow and Binance

PeckShieldAlert, an industry-leading blockchain and Web3 security company, has reported that Gravity Bridge was drained of around $5.4 million in a suspected exploit. Gravity Bridge is an open-source, decentralized blockchain that joins the Ethereum and Cosmos ecosystems. The primary objective is to make the crypto community vigilant about the Gravity Bridge exploit for tracking the stolen funds on-chain.

PeckShieldAlert Highlights Gravity Bridge Security Incident Amid Ongoing Fund Tracking

The PeckShieldAlert is basically alarming the crypto community and also raising awareness advertisements for security monitoring and response. According to the warning, the hacker stole various assets such as $4.3M in USD Coin, 274 Ether, $434K in Tether, and 14.164 PAYG. PeckShieldAlert reports that the stolen funds have already been moved via ChangeNOW and Binance.

Moreover, the hacker still holds almost 2102 ETH worth approximately $4.23 million, which security researchers are observing on-chain. In short, Gravity Bridge has passed through a hack of $5.4M with stolen funds partly laundered, although a huge amount of ETH remains traceable in the hacker’s wallet.

Gravity Bridge Exploit Highlights the Need for Stronger Web3 Security Measures

PeckShieldAlert is also guiding the crypto community about the happenings and preparing them to tackle these types of issues in the future. Because this is the most noticeable incident that needs instant response and complete preventive measures for a secure future.

Bridges are among the most targeted attack surfaces in Web3 due to the complications of their smart contract architecture and the large volume of assets they hold in escrow. This big hack can be used as an example of the attack and prepare the crypto community about the future.