Garden Finance $5.5M Cross-Chain Hack; 10% White-Hat Bounty
Garden Finance, a decentralized cross-chain bridge, was exploited across multiple networks on October 29, resulting in losses exceeding $5.5 million. The attacker drained assets and converted them into non-freezable tokens. Garden Finance has issued an on-chain notice offering a 10% white-hat bounty to encourage the return of stolen funds. Blockchain analyst ZachXBT highlighted that over 25% of Garden Finance’s on-chain activity involves previously compromised assets from incidents affecting platforms like Bybit and SwissBorg. The project, which enables fast asset transfers between Bitcoin, Ethereum and other networks, has not yet made an official public statement. Traders should monitor updates on fund recovery, bounty redemption and broader DeFi security implications. This breach underscores persistent vulnerabilities in cross-chain solutions and may dent market confidence and pricing of similar protocols.
Bearish
The $5.5 million Garden Finance hack undermines confidence in cross-chain bridges, triggering likely short-term sell pressure on its token and related assets. The attack’s scale and unresolved security flaws may deter new liquidity and reduce trading volumes. In the long term, recovery of funds and improved audits are needed to restore trust; until then, sentiment around cross-chain solutions remains cautious, keeping prices subdued.