Harmony’s Horizon Bridge was hacked for $100 million, causing the ONE token to crash. The Harmony team disclosed the hack earlier today, indicating that they have put in place preliminary actions to restore normalcy to the Horizon Bridge.
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.
— Harmony 💙 (@harmonyprotocol) June 23, 2022
According to the shared data, the attack occurred between Friday night and Saturday. A total of 11 transactions were initiated on the bridge by the attacker. In particular, the attackers pushed the funds to other wallets in order to exchange the tokens on the decentralized exchange Uniswap (UNI) which they are then sent back to the original wallet.
“The Harmony team has identified a theft that occurred this morning on the Horizon Bridge in the amount of approximately $100MM“The Harmony team said in a tweet, adding that it is coordinating with relevant agencies to identify the attackers. “We began working with national authorities and forensic specialists to identify the culprit and recover the stolen funds.”
The Horizon Bridge is used to connect the Harmony Protocol with Ethereum (ETH), BNB Chain, and Bitcoin (BTC). The team confirmed that while Ethereum and BNB Chain were affected, they said the Bitcoin Bridge was unaffected by the hack and the funds are safe. So far, Frax (FRAX), Wrapped Ether (WETH), Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD), Dai (DAI), Tether ( USDT), Wrapped BTC (WBTC) and USD Coin (USDC) are among the identified tokens that were stolen by the attack.
Harmony’s Horizon Bridge attack is one of many
Harmony’s Horizon Bridge hack may be the latest in the industry, but it’s far from the first of the year. Concerns about the security fragility of Multisig wallets have been reported by many industry leaders, including Ethereum co-founder Vitalik Buterin.
In a Reddit post published earlier this year, Buterin warned that token bridge hacks can affect the overall liquidity of the digital currency ecosystem. Since that warning, other protocols have been hacked, the most high-profile being the Axie Infinity Ronin Bridge attack, which saw over $620 million stolen.
Although there was no noticeable drop in the price of the tokens involved in the hack, Harmony’s ONE token is down 9.17% in the last 24 hours at $0.02472 according to the data. of quincekko.