Chainlink updates its crypto bridge tech months after a $292 million hack at a rival exposed risks
Chainlink introduced CCIP 2.0, a new version of its cross-chain bridge software, and the update adds custom security checks that institutions can run themselves. The launch came months after a rival bridge lost $292 million, and the new setup is framed around giving users more control over how cross-chain transfers are screened.
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Institutions that move assets across chains are the most direct audience for this update, because CCIP 2.0 gives them a way to set their own security checks on transfers. Banks and other users of cross-chain bridge software will notice that the security process can now be configured more directly at the application level.
Before this release, the bridge setup is described as less flexible on security, while the new version lets companies add custom checks. In practice, that means the control point for screening transfers now sits closer to the institution using the system, even though the basic job of moving assets across chains remains the same. (per coindesk.com)
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Thefts of a similar size
| When | What happened | Figure |
|---|---|---|
| 2.4 years ago | DMM Bitcoin incident | $305M |
| 7 months ago | Drift Trade · Proxy Upgrade Hijack incident | $295M |
| 6 months ago | Kelp DAO incident | $293M |
| 2.7 years ago | PlayDapp incident | $290M |
| 7 months ago | Drift Protocol incident | $285M |
4197 incidents stored · 27 were as large as this one or larger ($292M)