Symbiosis Bitcoin Bridge Hacked for Billions

Symbiosis's bitcoin bridge was hacked by an unknown attacker who exploited unbacked synthetic syBTC tokens to mint billions of dollars' worth of fake assets. The hacker cashed out around $336,000 in real wrapped Bitcoin (WBTC) before the attack was discovered.

The incident halted BTC routes on Symbiosis's platform but the company managed to recover 15 BTC. In a bid to encourage the hacker to return the stolen funds, Symbiosis offered a 20% bounty on the amount taken.

This latest hack follows similar incidents on the Liquid Network and Nomic, where unbacked Bitcoin wrappers were exploited to create fake tokens.