Cosmos-Based Gravity Bridge Halts After Reported $5.4M Exploit
The post Cosmos-Based Gravity Bridge Halts After Reported $5.4M Exploit appeared on BitcoinEthereumNews.com. Gravity Bridge, a decentralized blockchain facilitating cross-chain transfers between Ethereum and Cosmos, was reportedly drained of roughly $5.4 million, prompting validators to halt the bridge. Onchain analyst Specter first flagged the unusual outflows in a Saturday post on X, revealing that the bridge contract key may have been compromised. “It appears the Gravity Bridge contract key may have been compromised, resulting in the theft of $5.4M,” Specter wrote. Security firm PeckShield also confirmed the exploit in a post, breaking down the stolen assets as approximately $4.3 million in USDC (USDC), 274 Wrapped Ether (WETH) worth roughly $553,000, $434,000 in USDt (USDT) and 14.164 PAX Gold (PAXG) tokens worth about $64,000. Source: PeckShield PeckShield reported that a portion of the haul had already been laundered through instant-swap service ChangeNow and through Binance, whi