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Malaysias Ministry of Trade: Not considering retaliatory tariffs.Vishnu Varathan, head of macro research for Asia (excluding Japan) at Mizuho Securities, said on April 3 that U.S. reciprocal tariffs may continue to be a source of economic headwinds. These tariffs may also "inadvertently intensify and increase vulnerability to adverse demand shocks." Varathan said: "Asia has been particularly hard hit, especially in Cambodia, Vietnam, Thailand and Indonesia." In addition, South Korea, Japan, India and the European Union have not been spared, while the United Kingdom, Australia and Singapore have been the least affected. Varathan added that, therefore, the pressure on Asian currencies, except for Japan, may continue.On April 3, the Wall Street Journal reported that German automaker Volkswagen will impose an "import fee" on cars affected by US President Trumps 25% tariff. The report cited a memo sent to retailers saying that Volkswagen has temporarily stopped rail transportation from Mexico and will temporarily keep cars arriving by ship from Europe at the port. According to the agencys analysis of tariff codes contained in the Federal Register, Trumps 25% auto tariff will cover more than $460 billion worth of auto and auto parts imports each year. According to the report, Volkswagen told its dealers that it will provide more details on the pricing strategy for cars affected by tariffs by mid-April and plans to start distributing the cars to stores by the end of the month.European Commission President Ursula von der Leyen: The global economy is expected to suffer significant losses. Uncertainty will rise sharply and trigger new protectionism.European Commission President Ursula von der Leyen: Europe will stand on the side of those countries directly affected.

Over $2B Lost in 13 Separate Crypto Bridge Hacks This Year

Skylar Shaw

Aug 04, 2022 14:50

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This week, blockchain analytics company Chainalysis published a research in which it identified cross-chain bridge protocol flaws as the greatest security threat.


In 13 different incidents this year, the company believes that $2 billion in crypto assets have been taken from bridges. Attacks on cross-chain bridges are responsible for 69% of the total cash taken this year, it said.


A bridge is a piece of software, often composed of smart contracts, that enables the movement of tokens across networks, such as Ethereum (ETH) and Avalanche (AVAX). Despite Ethereum's ERC-20 being the de facto industry standard, each blockchain ecosystem has its own token standard.

A Strait Too Far

The claim comes in the wake of this week's Nomad bridge attack, which cost the protocol's whole $190 million in collateral.


The research also said that as more value passes across these bridges, hackers grow more drawn to them. Additionally, it claimed that North Korean hacker gangs had been responsible for half of the money stolen so far this year by attacking bridges and decentralized finance (DeFi) protocols.


Because they often house the cash that support the bridged tokens on the destination chain, bridges are valuable targets for cybercriminals. The aim is that the money become a central storage location, regardless of whether they are kept in a smart contract or by a centralized custodian.


Furthermore, since bridges are mostly experimental and the technology hasn't had a chance to develop, weaknesses and fresh attack routes may be found.


The Ronin bridge was the target of the greatest bridge hack to history, which netted $615 million in March. Users may move Axie Infinity (AXS) Metaverse game assets across other blockchains using Ronin. The Solana (SOL) Wormhole bridge generated $325 million in revenue in February.


Crypto platforms have been asked to go through stringent auditing procedures in order to safeguard themselves. However, even audited smart contracts are vulnerable to attack, as was the case with Web3 music streaming service Audius, which suffered a breach in July and lost $6 million.


The Solana ecosystem saw another blow this week, despite not being a bridge assault, when up to 8,000 wallets were compromised for more than $8 million.

Unfazed by the crypto market

Crypto markets would fall in prior years due to hacks and vulnerabilities that cost millions of dollars. They don't seem concerned this week, however.


The whole market value has increased by 2% for the day to $1.12 trillion. Markets are still range-bound, however, since resistance is too powerful to break through.


While Ethereum was trading 2.7 percent higher this morning at $1,654 at the time of writing, Bitcoin (BTC) had risen a meager 1.5 percent to $23,146.