Polkadot Parachain Exploit Costs $120M

A major Polkadot $DOT parachain suffered a smart contract exploit that drained $120 million in assets. The attacker exploited cross-chain bridges and manipulated on-chain votes. DOT dropped 15% within hours. Kusama (KSM) also suffered a hit. Parity Technologies has paused parachain auctions while conducting a full review. Analysts worry this could damage Polkadot’s reputation as a secure cross-chain protocol. Competing platforms like Cosmos (ATOM) and Near Protocol (NEAR) surged in response. Can Polkadot survive this credibility crisis?