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Harmony’s Horizon Bridge Suffers From $100 Million Hack

Harmony’s Horizon Bridge Suffers From $100 Million Hack

alex dovbanya

Harmony’s Horizon Bridge has been drained for nearly $100 million

Harmony’s Horizon cross-chain bridge has suffered a $100 million hack, according to one official announcement Done by the project’s team earlier this Friday.

The Harmony team has contacted national authorities and blockchain forensics experts to investigate the theft.

The culprit’s address, which was added to the announcement, is currently worth around $99 worth of Ether.

Harmony (ONE), the native token of the blockchain, is down about 9% on the news, according to data from CoinMarketCap.

Token Bridge vulnerabilities have been a hot topic within the cryptocurrency industry for quite some time. In January, Ethereum’s Vitalik Buterin said he had “fundamental security limits” in a reddit post, Token bridges often fall victim to hacks due to their complex technology.

As U.Today reported, the Ronin sidechain, which powers the token-based online video game Axie Infinity, suffered a $650 million breach at the end of March in what was considered one of the biggest hacks ever in the world of decentralized finance. considered to be one. It was later revealed that the theft was planned by North Korean hackers.

In February, bad actors also hijacked Wormhole Bridge, leading to the theft of over $300 million worth of cryptocurrency.

According to data provided by Norway-based Dune Analytics, the various Ethereum bridges with approximately 25,000 unique depositors account for $11.7 billion in total value.

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Harmony’s Horizon Bridge Suffers From $100 Million Hack

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