Taiko halts Ethereum layer-2 network after $1.7 million bridge exploit

An attacker exploited Taiko's bridge by forging withdrawal proofs, stealing about $1.7 million. Taiko halted block production and urged users to withdraw funds. The TAIKO token dropped over 20%. The exploit used the same cross-chain messaging flaw behind $340 million in bridge hacks this year.

• The attacker forged cross-chain proofs to register fake withdrawals, draining the bridge and token vault.
• Taiko halted block production and urged users to withdraw from all bridges on the network.
• Security firm BlockSec traced the likely cause to a Raiko signing key left publicly accessible on GitHub.
• The exploit used the same cross-chain messaging vulnerability behind over $340 million in bridge hacks this year.
• TAIKO token slumped more than 20% as the team said it will release a full incident report.

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