Hackers have struck layer 1 blockchain Harmony's Horizon bridge, stealing $100 million in cryptocurrency.
The exploit was revealed in a tweet in the early hours of Friday morning. The Harmony team revealed that it had "identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM." It went on to add that the address of the culprit had been identified and that the Harmony team are working with "national authorities and forensic specialists" to retrieve the stolen funds.
In a follow-up tweet, Harmony noted that it is "working around the clock" alongside the FBI and "multiple cyber security firms."
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.
Tokens including Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT) and USD Coin (USDC) have been stolen from the bridge and swapped for Ethereum.
Harmony stated that it has stopped the Horizon bridge to prevent further transactions, and noted that the exploit does not affect its trustless BTC bridge. "Its funds and assets stored on decentralized vaults are safe at this time," said the Harmony team.
Harmony's ONE token has plunged by over 10% on the day, per data from CoinMarketCap, and is currently changing hands for $0.02416.
Harmony aims to solve the "blockchain trilemma" of balancing scalability with security and decentralization. The cross-chain Horizon feature enables crypto holders to move between Harmony's network and the Ethereum network, Binance Chain and Bitcoin.
More Videos
0 seconds of 6 minutes, 55 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
This is the latest in a series of exploits that have stolen hundreds of millions of dollars from cross-chain bridges in recent months. In January, Qubit Finance's bridge was hacked for $80 million, and just a month later, the Wormhole bridge was hacked for $320 million.
Both hacks were dwarfed, however, by the March 2022 hack of Axie Infinity's Ronin bridge, which drained $622 million in Ethereum and USDC.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
The Trump family’s crypto platform, World Liberty Financial, has denied the project sold off millions worth of Ethereum earlier this week at a massive loss, dismissing reports to that effect as “wholly inaccurate.”
“The claims that World Liberty Financial has sold any of its holdings are wholly inaccurate,” a company representative told Decrypt Thursday. “WLFI has not sold any positions as currently reported. Speculation to the contrary is false.”
Yesterday, reports circulated that the project s...
Asset manager 21Shares has applied for a Dogecoin exchange-traded fund in the U.S. backed by the House of Doge, underscoring the growing interest in the popular meme token. .
On Wednesday, the firm submitted an S-1 registration statement to the Securities and Exchange Commission for its 21Shares Dogecoin ETF. If approved, the proposed fund would offer investors direct exposure to Dogecoin’s price movements.
The Dogecoin Foundation’s corporate arm, House of DOGE, plans to market the fund when a...
Thailand has shut the door on unregulated foreign crypto services as it ramps up efforts to tackle online financial crime, backed by sweeping new legal amendments that target everything from mule accounts to rogue P2P platforms.
The Thai Securities and Exchange Commission announced Tuesday that the cabinet has approved updates to key emergency decrees, introducing new measures to regulate digital asset businesses and prevent cybercrime.
The SEC said the new laws will be used for “deterring and p...
