ZetaChain GatewayEVM Attack: 300K$ Loss

ZetaChain urgently halted cross-chain transactions on its mainnet; the team sprang into action as soon as they detected an attack targeting the GatewayEVM contract. The attack only hit internal team wallets and resulted in a $300,000 loss. The team announced that they prevented further losses by closing the attack vector; user funds were unaffected. The investigation is still ongoing, and a detailed autopsy report will be published soon. According to the status page, transactions remained halted even nine hours after the attack.

What is the ZetaChain GatewayEVM Contract?

GatewayEVM is a smart contract that provides a single entry point between applications on ZetaChain and external EVM-compatible chains. ZetaChain is a Layer 1 network focused on interoperability, integrating networks like Bitcoin, Ethereum, and Polygon; it was designed as a “universal blockchain” and launched its mainnet in early 2024. For detailed ZETA analysis, check here.

ZETA Technical Analysis After the Attack

With the attack news, ZETA price is trading at the $0.05 level, down -5.33% in the last 24 hours. RSI at 51.41 is neutral, overall trend is upward but Supertrend gives a bearish signal. EMA 20: $0.0536. Supports: S1 $0.0528 (strong, 72% score), S2 $0.0453. Resistances: R1 $0.0581 (73% score), R2 $0.0622. Investors can take positions with ZETA futures.

Similar Bridge Attacks and Comparisons

This incident recalls the $292 million heist of the LayerZero-backed Kelp DAO bridge; that attack created a massive debt burden on Aave. Aave, organizations like DeFi United, and industry players including Kelp DAO stepped in to rescue the liquidity protocol. Since that attack, dozens of similar incidents have occurred according to DeFiLlama data. AAVE analysis here.

Increasing Risks in Interoperability

The attack once again exposes vulnerabilities in interoperability protocols. Innovative networks like ZetaChain, advancing with an omni-chain vision, are turning bridge contracts into primary risk foci. The sector is making stricter audits and rapid response mechanisms mandatory against the rising wave of exploits.