Celer Network for off-chain scaling technology and cost-effective and fast dApp development, playing blockchain-based games and liquidity. So what is cBridge crypto and the reason behind cBridge shuts down. Let’s find out by reading the article below.
What is cBridge crypto?
Celer Network is a Layer 2 scaling platform for deploying decentralized applications on various blockchains, enabling interoperability in the ecosystem and network incentives.
Celer Network exists as a smart contract on top of other blockchain structures such as Ethereum and Polkadot, and the team is said to be leading layer 2 scaling research and building applications to facilitate the functionality of the Celer Network ecosystem. The Celer development team has released a mobile app, the first of its kind, in the form of a blockchain-based esports platform. The application is called CelerX. The team also released the first mobile SDK for layer 2 scaling.
The reason behind cBridge shutting down
Interoperability protocol Celer Network had asked its users to revoke approval for several phishing contracts after shutting down its cBridge over an alleged Domain Name System (DNS) hijacking.
According to the project's initial analysis, there was suspicious DNS activity. In the meantime, the team has shut down cBridge as an initial method to avoid further incidents and protect users as the platform continues to identify issues. The platform also advised its users to revoke token approval for phishing smart contracts on Ethereum, Polygon, Avalanche, BNB Smart Chain, Arbitrum, Astar, and Aurora.
If a user wants to withdraw approval as a precautionary measure, the user can go to each network's token approval page while the platform continues to check for issues and propose solutions.
I hope now you will now know what is cBridge crypto and the reason behind cBridge shuts down. Before investing in crypto, make sure to do research and analysis.
