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Morning Edition · Monday, June 22, 2026Published at 6:14 AM EDT · New York
Bridge Hack Halts Taiko Network as Bitcoin Trades Near Multi-Month Lows
An attacker drained about 1.7 million dollars from an Ethereum layer-2 bridge, the same flaw behind several major crypto thefts this year, as digital-asset sentiment cooled.
Taiko, an Ethereum layer-2 network, halted operations on Monday after an attacker forged withdrawal proofs to drain about 1.7 million dollars from its bridge, sending the project's token sharply lower, CoinDesk reported. Developers said fast containment limited the damage, but the exploit relied on the same class of flaw behind several major bridge hacks this year.
The incident came during a period of weakness for digital assets. Bitcoin was trading near 63,000 dollars, down meaningfully from its October peak, and analysts cited by CoinDesk pointed to a bearish technical setup that could pull the asset toward 54,000 dollars before any recovery.
Cross-chain bridges, which move tokens between blockchains, remain among the most frequently exploited parts of crypto infrastructure. Repeated thefts through forged proofs and similar methods continue to undercut confidence in the infrastructure that institutional adoption depends on, even when individual losses are contained.
What this means
Each bridge exploit reinforces a core weakness in crypto market structure that limits how much capital large, risk-averse institutions will route through these systems. Combined with a softening bitcoin price, the episode shows that the gap between crypto's ambitions and the reliability of its infrastructure remains a recurring weakness for the asset class.
What to watch
- Whether Taiko's token and network recover after the halt, because a swift, transparent restitution would test how quickly trust returns after an exploit.
- Bitcoin's behavior around the levels analysts are flagging, since a decisive move would indicate whether the current cooldown deepens or stabilizes.
Observations to monitor, not financial advice.
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