Blockaid Flags $11.58M Active Exploit on Verus-Ethereum Bridge
An ongoing attack on the Verus-Ethereum bridge has pulled roughly $11.58M out so far, with Blockaid's exploit detection catching the live drain rather than a post-mortem tally.
Ethereum is a decentralized, open-source blockchain platform designed to support smart contracts and decentralized applications without the control of any central authority. Often described as a programmable global computer, it allows developers to build a wide range of on-chain services, from financial protocols and NFT marketplaces to gaming platforms, using self-executing programs written primarily in Solidity. These smart contracts run on the Ethereum Virtual Machine, which is maintained by a global network of independent nodes. The native asset, Ether (ETH), functions as the network's currency. It is used to pay transaction fees, commonly referred to as gas, and must be staked by validators who propose and confirm blocks. In September 2022, Ethereum transitioned from Proof of Work to Proof of Stake through an event known as the Merge, reducing its energy consumption by more than 99 percent. An earlier upgrade, EIP-1559, introduced a fee-burning mechanism that can offset issuance during periods of high activity. Ethereum was proposed in 2013 by Vitalik Buterin, alongside several co-founders, and launched in July 2015. It belongs to the Smart Contract Platform and Layer 1 categories, and remains the largest ecosystem for decentralized application development.
An ongoing attack on the Verus-Ethereum bridge has pulled roughly $11.58M out so far, with Blockaid's exploit detection catching the live drain rather than a post-mortem tally.
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Ethereum is a global, open-source platform for decentralized applications.
Ethereum (ETH) launched on 2015-07-30.
Ethereum (ETH) is categorised as: Smart Contract Platform, Layer 1 (L1), Ethereum Ecosystem.
The official Ethereum site is https://www.ethereum.org/.
Most recent Ethereum coverage: "Blockaid Flags $11.58M Active Exploit on Verus-Ethereum Bridge" — read at /en-US/a/blockaid-confirms-active-exploit-on-verus-ethereum-bridge.