Lately I've been looking into IBC / cross-chain stuff again. To put it simply, every time you "move assets over," you're trusting more than one chain. If that message passing system really gets up and running, the light clients / validator consensus, relayer forwarding, and the contracts/modules on the landing side all need to be reliable. Any hiccup in any link can turn into "I thought the funds arrived." Bridges are more straightforward; often they're just trusting multi-signatures or an external verification network, and the sense of security relies entirely on assumptions.

In the community these days, there's debate over privacy coins and the boundaries of mixing compliance. I actually think it's quite similar to cross-chain: you think you're only dealing with the protocol, but in reality, you're choosing who to trust and what the risk boundaries are. Anyway, when I look at cross-chain now, I first clarify "who am I trusting," then decide on the position... otherwise, there's no need to look at liquidation hotspots; the pitfalls are already buried.