TL;DR
- Multiple significant wallets have millions of dollars trapped in bridge contracts. Vitalik Buterin is among those affected.
- The funds were either forgotten or trapped in at least two major bridge contracts, according to Arkham’s report.
- The situation highlights the need to understand these contracts and take measures to protect assets.
A recent report revealed alarming data. Multiple wallets, including some linked to industry figures like Vitalik Buterin and the Coinbase exchange, have millions of dollars trapped in bridge contracts.
According to the report from blockchain intelligence firm Arkham, numerous cryptocurrency addresses contain funds that have been “forgotten” or “trapped” in at least two major bridge contracts. These contracts, designed to facilitate interoperability between different blockchains, have resulted in a series of immobilized funds, some for periods of up to two years.
GM
There are dozens of accounts with 6-7 figures stuck in bridge contracts, forgotten about.
These include prominent DeFi whales and even an account connected with @vitalikbuterin.
If you’re on this list, you may have misplaced a few million dollars.
Don’t worry – it happens. pic.twitter.com/YaLb5pjtzF
— Arkham (@ArkhamIntel) April 22, 2024
Among the most notable cases is a wallet that received 50 Ether from Vitalik Buterin, co-founder of Ethereum. Since then, it has had $1.05 million dollars paralyzed in the Optimism bridge contract for seven months. Additionally, other wallets linked to entities and whales like Bofur Capital and Thomasg.eth were found with equally imposing figures in the same situation.
More Education Needed About Bridge Contracts
The report underscores the importance of understanding how these contracts work. While some funds may have been forgotten by their owners, there is the possibility that others are trapped due to vulnerabilities in smart contracts or the need for manual action by users to claim their assets on another chain.
Incidents like these highlight the risks associated with the increasing complexity in the use of decentralized finance and the need for greater diligence by users and developers to ensure the security and efficiency of operations in the DeFi space. That is, it is crucial for users to understand and implement measures to protect their assets. Education is essential to mitigate risks and promote the development of a more transparent ecosystem.
In response to this report, Arkham has notified the owners of the affected wallets, urging them to take action to recover their funds.
