Two cross-chain systems and several smaller protocols were drained of roughly $35 million in a series of coordinated attacks that struck within hours of each other, security teams reported Wednesday.
The targets included Verus, a cross-chain liquidity protocol, and B² Network, a Bitcoin-layer-2 bridge. Attackers exploited compromised administrative keys, upgrade privileges, and weak validation checks to pull funds directly from smart contracts – without breaking the underlying cryptography, multiple security firms said.
“This was not a cryptographic break,” one lead investigator told CoinDesk. “The attackers simply had the right keys or the ability to upgrade the contract logic to their advantage.”
The first breach hit B² Network, with roughly $18 million in wrapped Bitcoin and Ether stolen. Verus followed hours later, losing about $12 million. Smaller cross-chain bridges and sidechain validators accounted for the remaining $5 million, according to on-chain data tracked by blockchain analytics firm Chainalysis.
The attacks highlight a persistent vulnerability in crypto’s bridge architecture. Rather than cracking encryption, thieves increasingly target the human layer: poorly secured key management, multi-sig signers with too much power, or upgrade mechanisms that let a single compromised admin change a contract’s behavior.
None of the affected protocols have announced a recovery plan or a timeline for reopening deposits and withdrawals. B² Network said in a Telegram update that it is “working with exchanges to freeze stolen assets.” Verus’s team has not posted a public statement since the attack.
For traders, the event is a reminder that even tokens pegged to Bitcoin and Ether carry bridge risk. The price of Bitcoin and Ether showed little immediate reaction, but the attack adds to a bearish sentiment already weighing on cross-chain projects. Several major bridges have suffered similar exploits in the past two years, totaling more than $1.5 billion in losses.
Watch for official post-mortems from Verus and B² Network in the coming days. Security analysts will be tracking the stolen funds on-chain; any movement could indicator an attempted conversion to cash or a mixer. Until those teams restore trust in their contracts, liquidity providers and yield farmers may want to reconsider exposure to the affected protocols.
Attacks drain $35 million from crypto protocols through admin flaws
Bitcoin and Ethereum-linked protocols lost $35 million due to multiple attacks exploiting compromised keys and validation weaknesses. These attacks affect cross-chain systems and show vulnerabilities beyond the core cryptography.