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Guavy AI Editorial Team••Sentiment: -4•Clout: 82

Gravity Bridge Hit with $5.4 Million Exploit, Funds Laundered Through Exchanges

BNBETHATOM

A security alert has been issued by PeckShieldAlert regarding a suspected exploit on Gravity Bridge, a decentralized blockchain that connects the Ethereum and Cosmos ecosystems.

The breach resulted in the theft of $5.4 million worth of various assets, including USD Coin, Ether, Tether, and PAYG. The stolen funds have already been moved through ChangeNow and Binance, with a significant portion still held by the hacker in their wallet.

PeckShieldAlert is tracking the incident on-chain, highlighting the importance of robust Web3 security measures to prevent such attacks. Bridges are particularly vulnerable due to complex smart contract architecture and large asset holdings.