Floki Inu ($FLOKI) DisableS Cross-Chain Bridge After Finding New Vulnerability


The team behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has disabled its cross-chain bridge, which allowed users to move $FLOKI between the Ethereum and Binance Smart Chain networks, after finding an exploit bad actors could have taken advantage of.

According to a Medium post the team shared, the cross-chain bridge was disabled to “protect FLOKI holders” after an exploit that “could potentially put users at risk” was discovered. The team says it “swung to action immediately to disable the bridge before bad actors could take advantage of it” after being informed of the vulnerability.

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Floki Inu’s cross-chain bridge was launched last year in a bid to allow holders of the meme-inspired cryptocurrency to both use it on Ethereum and the Binance Smart Chain, which has much lower transaction fees than the second-largest cryptocurrency by market capitalization.

Floki Inu has notably recently completed phase one of its decentralized autonomous organization (DAO) upgrade, which aims to further decentralize the project and help it get listed on major centralized cryptocurrency exchanges.

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The cryptocurrency’s community has been fighting for listings, going as far as creating a petition to be listed on platforms like Kraken, which have already listed meme-inspired rivals like Shiba Inu ($SHIB).




Floki Inu’s announcement details the exploit is “present in all OKLG-powered cross-chain bridges (not just the FLOKI bridge) and the developer is making moves to ensure other projects using the bridge are not at risk. It comes shortly after cross-chain bridge Wormhole suffered a $320 million exploit.

Wormhole lost 80,000 ETH on the Ethereum blockchain and 40,000 on Solana. Cross-chain bridges work by taking an asset and locking it in a smart contract to then issue a parallel asset on the bridged chain. The incident may mean ETH circulating on the Solana blockchain may now be unbacked.

The firm has since said all funds have been restored and that the vulnerability was patched.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Pixabay




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