According to a ChainCatcher report citing The Block, cross-chain liquidity protocol CrossCurve (formerly known as EYWA) has confirmed that its cross-chain bridge protocol "is under attack" due to an exploited vulnerability in its smart contracts, resulting in the theft of approximately $3 million across multiple networks. Blockchain security firm Defimon Alerts identified that the attack vector was a gateway validation bypass vulnerability in CrossCurve's ReceiverAxelar contract. Analysis revealed that anyone could exploit the vulnerability by using a forged cross-chain message to call the contract's expressExecute function, thereby bypassing the intended gateway validation and triggering unauthorized token unlocks on the protocol's PortalV2 contract. The protocol, backed by Curve Finance founder Michael Egorov, had previously raised $7 million in funding.
Cross-Chain Liquidity Protocol CrossCurve Hacked for $3M Due to Smart Contract Vulnerability
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Summary
CrossCurve, a cross-chain liquidity protocol, confirmed a $3 million theft after a smart contract vulnerability was exploited. The vulnerability, identified by Defimon Alerts, involved a bypass in the ReceiverAxelar contract, allowing attackers to forge messages and unlock tokens. Backed by Curve Finance founder Michael Egorov, the protocol has raised $7 million. A protocol update is expected to address the flaw and secure the affected networks.
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