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Hacker stole $100 million in Harmony bridge attack

The Harmony blockchain platform team reported an attack on the Horizon cross-chain bridge, as a result of which the attacker stole assets worth about $100 million.

An unknown person withdrew the tokens in several transactions, after which he sent them to another wallet and exchanged 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 stated that they had launched an investigation with law enforcement, including the FBI, and notified cryptocurrency exchanges of the situation.

The team assured that the incident did not affect the trustless bridge for bitcoin – all funds are safe in decentralized vaults.

Amid the hack, the Harmony (ONE) token fell 9.4% overnight, at the time of writing, its value is around $0.024, according to Coingecko.

Recall that this is not the first attack on the cross-chain bridge this year. In February, hackers withdrew more than $319 million from the Wormhole cross-chain bridge pool based on Solana, 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 crypto assets worth about $625 million.

Ethereum founder Vitalik Buterin said earlier that he was “pessimistic” about cross-chain bridges. In his opinion, the latter are 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 the actions of hackers and scammers.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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