CrossKrivo, a prominent protocol in the cryptocurrency sector, has threatened legal action following a severe hack of its token transfer system resulting in an estimated $3 million loss. Hackers exploited vulnerabilities in the cross-chain bridge, a technology that facilitates asset transfers between different blockchain networks, widely used in decentralized finance (DeFi) to enable seamless token movement across platforms. After the incident, CrossKrivo identified wallet addresses linked to the hack and signaled intentions to pursue both criminal and civil legal proceedings. The breach underscores the urgent need for improved security in cross-chain protocols to safeguard user assets. In response, CrossKrivo has begun assessing damages with its team and exploring ways to assist affected users. Beyond legal measures, the protocol plans to strengthen its security mechanisms to prevent future breaches. Such hacking incidents can undermine investor confidence and hinder the global growth of DeFi, highlighting the critical importance of robust security and strict legal actions against attackers. Users are also advised to exercise caution by protecting their digital assets and utilizing only reputable platforms.
Source: decrypt
