Taiko Confirms Breach in Verification Mechanism, Urges Immediate Bridge Withdrawals
Summary
- Taiko said all bridge security assumptions on the Taiko network can no longer be trusted after its chain state verification mechanism was compromised.
- Taiko urged users to immediately withdraw all related bridge funds and asked centralized exchanges to suspend Taiko deposits.
- Blockaid said an attack on Taiko's ERC20 Vault caused more than $1 million in losses, and that a source-signal proof verification mechanism vulnerability was identified as the cause.
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Taiko, a layer-2 blockchain project, urged users to immediately withdraw funds from its bridges after confirming a breach in its chain state verification mechanism.
Wu Blockchain reported on June 21 that Taiko disclosed in a post on its official X account that its chain state verification mechanism had been compromised. As a result, the security assumptions underpinning all bridges currently deployed on the Taiko network can no longer be trusted.
Taiko advised users to withdraw funds from all affected bridges immediately. It also asked centralized exchanges to suspend Taiko deposits until further notice.
Blockaid had earlier reported that an Ethereum-based Taiko ERC20 Vault was attacked, resulting in losses of more than $1 million.
Preliminary analysis found that the vulnerability was tied to a flaw in the source-signal proof verification mechanism used by the Taiko bridge.
Taiko said it is investigating the exact cause and the extent of the losses, and will provide further updates on its response.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
