Garden Finance Hit by $5.5M Hack Affecting Several Blockchains

Security Breach: Garden Finance, a cross-chain yield protocol, experienced a significant security breach resulting in losses exceeding $5.5 million, with the exploit targeting its multi-chain infrastructure.

Response to Attack: The Garden Finance team has not made a public statement but has sent an on-chain message to the attacker offering a 10% bounty for the return of the stolen funds.

Asset Movement: Blockchain security firm PeckShield confirmed that the stolen assets were quickly converted into Ether (ETH), with ongoing movements of the compromised funds being tracked.

Wider Implications: The incident highlights persistent vulnerabilities in cross-chain systems, with ZachXBT noting that over 25% of Garden Finance's historical activity was linked to previously stolen assets, emphasizing the need for improved security standards in decentralized networks.