$100 Million Lost After Blockchain Bridge Suffers Exploit
Horizon, Harmony's bridge between various blockchain networks, suffered a hack that led to the loss of $100 million, according to an official announcement made by the project's team earlier this Friday.
Harmony’s team has contacted national authorities and blockchain forensics experts to investigate the theft.
1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.
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— Harmony 💙 (@harmonyprotocol) June 23, 2022
The perpetrator’s addres currently holds Ethereum (ETH) worth approximately $104 million.
The price of Harmony (ONE) dropped nearly 9% on the news, according to data from CoinMarketCap.
The vulnerability of blockchain bridges has been a hot topic in the crypto industry for quite some time now. In January, Vitalik Buterin, the creator of Ethereum, opined that they have “fundamental security limitations” in a Reddit post. These bridges often fall victim to hacker attacks due to their sophisticated technology.
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The Ronin sidechain, which powers the online video game Axie Infinity, suffered a $600 million hack in late March, which is believed to be one of the biggest hacks in the world of decentralized finance. It later emerged that the theft was orchestrated by North Korean hackers.
In February, hackers also took over the Wormhole Bridge, stealing over $300 million worth of cryptocurrency.
According to data provided by Norway-based Dune Analytics, Ethereum bridges’ TVL is around $11.7 billion with nearly 25,000 unique depositors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
