The Harmony blockchain platform team reported that there was an attack on the Horizon cross-chain bridge, as a result of which the attacker stole nearly $100 million worth of assets.
1/ The Harmony team detected an approximate theft that occurred on the Horizon bridge this morning. 100 million dollars. We began working with national authorities and forensic experts to identify the culprit and recover the stolen funds.
more 🧵
— Harmony 💙 (@harmonyprotocol) 23 June 2022
An unknown person withdrew the tokens in a few transactions, then sent them to another wallet and traded them on the Uniswap decentralized exchange.
Horizon is a cross-chain bridge between the Harmony blockchain and the Bitcoin, Ethereum and Binance Chain networks.
Harmony has suspended Horizon. They also said that they started an investigation with law enforcement, including the FBI, and reported the situation to cryptocurrency exchanges.
4/ We also informed the exchanges and stopped the Horizon bridge to prevent further trading. The team is all hands on deck as the investigations continue.
We’ll keep everyone updated as we research this further and learn more.
— Harmony 💙 (@harmonyprotocol) 23 June 2022
The team made sure that the incident did not affect the unreliable bridge for bitcoin – all funds are safe in decentralized vaults.
Amid the attack, the Harmony (ONE) token dropped 9.4% in one day. According to Coinecko, it costs around $0.024 at the time of writing.
Recall that in February, hackers withdrew more than $319 million from the Solana-based Wormhole cross-chain bridge pool, and also stole about $4.3 million in bitcoin and Ethereum from DeFi company Meter.
In March, during an attack on the Ronin sidechain, an attacker stole about $625 million worth of crypto assets.
Ethereum founder Vitalik Buterin has previously said he is “pessimistic” about cross-chain bridges. According to him, the latter is vulnerable to 51% attacks.
According to Immunefi, in the first quarter of 2022 alone, crypto projects lost more than $1.22 billion as a result of hackers and scammers.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
