USDT Among Assets Stolen in $3 Million Nervos Network Force Bridge Exploit

On June 3, 2025, Nervos Network’s cross-chain protocol Force Bridge fell victim to a significant security breach, resulting in a $3 million exploit. The attacker managed to bypass multi-signature security measures, gaining control of the bridge’s smart contracts and making off with a substantial amount of digital assets. Among the stolen funds were 257,800 USDT, 539.09 ETH, 898,300 USDC, 60,400 DAI, and 0.79 WBTC. The hacker swiftly converted the stolen assets into Ethereum (ETH) and laundered them through the privacy mixer Tornado Cash, complicating recovery efforts. Cybersecurity firm Cyvers identified the attack, highlighting the vulnerabilities in the bridge’s security despite its robust design. This incident underscores the persistent risks in the DeFi space, particularly concerning cross-chain protocols. While the exploit is a setback for Nervos Network, the broader cryptocurrency market remains resilient, with many investors viewing such events as opportunities to reinforce security measures and drive innovation in decentralized finance. The incident serves as a reminder of the importance of rigorous smart contract audits and the need for continuous improvement in security protocols to protect user assets in the rapidly evolving DeFi landscape.

Nervos Network’s Force Bridge Loses $3 Million in DeFi Exploit

Nervos Network’s cross-chain protocol Force Bridge suffered a $3 million exploit, with the attacker converting stolen assets into ETH and laundering them through Tornado Cash. The breach involved 257.8K USDT, 539.09 ETH, 898.3K USDC, 60.4K DAI, and 0.79 WBTC.

Cyvers identified the attack, noting the hacker gained control of the bridge’s smart contracts. Despite multi-signature security measures, vulnerabilities were exposed. Magickbase, Force Bridge’s developer, has paused services pending investigation.

The incident highlights persistent security challenges in cross-chain protocols, even for established projects like Force Bridge which launched on Nervos’ mainnet in 2021.

Stablecoin Protocol USDT0 Expands DeFi Utility with Tokenized Gold Offering

Stablecoin protocol USDT0 is bridging traditional finance with decentralized ecosystems through its latest innovation: XAUT0, a crypto-native iteration of tokenized gold. The new offering builds on Tether Gold (XAUT) by incorporating an omnichain architecture powered by LayerZero’s OFT standard, enabling seamless cross-chain transfers without bridges or wrappers.

Each XAUT token represents one troy ounce of LBMA-standard gold stored in Swiss vaults, with physical redemption options. The move follows USDT0’s successful deployment of a unified liquidity LAYER for USDT across ten blockchains, which amassed a $1.3 billion supply within months of launch.

"We’re in the early innings of real-world asset integration into DeFi," remarked Lorenzo R., USDT0 co-founder, acknowledging his dual enthusiasm for Bitcoin and gold’s potential in decentralized finance. The protocol’s gold offering aims to simplify access to bullion while unlocking its utility as collateral and trading instrument across blockchain networks.

Crypto Lobbyists Push for Focus in U.S. Senate Stablecoin Debate

Washington’s crypto lobbyists are urging U.S. senators to maintain focus on the stablecoin bill as it enters final debate stages, despite competing legislative distractions. The GENIUS Act, which aims to regulate stablecoin issuers like Tether and Circle, has already secured bipartisan support in committee and initial floor votes.

The Blockchain Association, crypto Council for Innovation, and other major advocacy groups jointly emphasized the need for targeted oversight. "Lawmakers must remain committed to the bill’s central goal," their statement read, marking new Blockchain Association CEO Summer Mersinger’s first policy engagement.

Passage WOULD represent a landmark achievement—the first major crypto legislation to clear the Senate. The debate unfolds amid lingering Democratic concerns about former President Trump’s crypto interests influencing the proceedings.