Farcaster user Tempe.degen lost nearly 90% of funds while using the Degen Chain Bridge website for cross-chain transactions

ChainCatcher message, Degen posted on platform X stating that Farcaster user Tempe.degen lost nearly 90% of their funds (785,000 DEGEN) due to using the Degen Chain Bridge website for cross-chain transactions.

The DEGEN cross-chain transaction from Degen Chain to Base has a huge slippage difference, as the cross-chain process involves exchanging DEGEN for ETH on Degen Chain, then bridging ETH to Base, and finally exchanging it back to DEGEN to send to the user's address. Due to the poor liquidity of the DEGEN/ETH Pool on Degen Chain, the available ETH is very limited, resulting in significant cross-chain slippage. Tempe.degen pointed out that the Degen Chain Bridge does not use a standardized bridge and that the UI has confusing elements.

Degen's official Twitter stated that Degen L3 is currently in a difficult situation, with poor service provided by vendors, unacceptable interruptions, and user fund losses. They will ensure that those affected receive refunds and will make significant adjustments in the coming weeks.