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February 16 2022
Slashing for $900 000. Attack on the BRIDGE network

In the morning, 16.02.22 rate of the BRIDGE token went down sharply. As it turned out, the reason for the drop was the attack on the network by one of the bridge validators, who was supposed to exchange BRIDGE tokens of the TIP-3 standard for the TIP-3.1 standard, but instead sold part of the assets in the market.

At the moment, the bridge is being migrated to new smart contracts. Also the  TIP-3 standard tokens  are migrating to a single TIP-3.1 standard for all products of the network. At the time of migration, the bridge validator tokens were unlocked and transferred to wallets of validators in order for them to exchange tokens for tokens of a new standard.

According to the official statement by BRIDGE DAO, one of the validators, who is a member of the Korean community, in violation of the terms of the DAO sold some of the tokens in order to destabilize the network during the migration period. By the decision of DAO, the remaining tokens of the attacker were burned, and his WTON tokens are frozen until the circumstances are clarified by the Korean community.

During the attack, 14 259 BRIDGE tokens worth 150,000 USDT were sold. The DAO decision to burn the remaining 85 447 BRIDGE tokens worth over USDT 900 000 was taken.

This is the first case of slashing both in the history of BRIDGE DAO and in the history of Everscale.