Svmuu News Ethereum Layer 2 blockchain Taiko stated that its chain state verification mechanism has been compromised, rendering the security assumptions of all bridges deployed on Taiko unreliable, and urged users to immediately withdraw funds from the affected bridges. Taiko said it is coordinating with partners to contain the incident and has suspended the affected systems. Crypto security firm Blockaid stated that the root cause of the issue appears to be a flaw in how the Taiko bridge verifies source signals. Attackers could submit message proofs lacking valid on-chain proofs from Taiko at Ethereum, thereby registering and extracting fraudulent bridge messages, which led to the unauthorized release of assets from the ERC20 treasury.Blockaid estimates that at least $1 million was stolen, while Lookonchain and PeckShield believe the value of the stolen assets could be as high as $1.7 million. PeckShield stated that the attacker has transferred approximately 1.99 million TAIKO to MEXC, worth about $189,000. Data from blockchain intelligence firm Arkham shows that the Taiko attacker’s wallet holds approximately $1.5 million in assets, primarily in Ether. (Cointelegraph)