PANews, June 22 — Taiko issued an explanation regarding today’s security incident, stating that the attacker exploited a vulnerability in the message proof verification of its cross-chain bridge. A forged message proof was accepted on L1 without a legitimate event being generated on the source chain, allowing the attacker to register fraudulent withdrawals and extract funds from the bridge contract and token vault. Based on current estimates, the loss was approximately $1.7 million before services were suspended.

Earlier news, Taiko stated that the security incident has been brought under control, and the cross-chain bridge and vault have been suspended.