Crypto Hackers Steal $100 Million From Harmony Blockchain Bridge
Harmony has stopped the Horizon bridge to prevent further transactions and its bridge for Bitcoin was unaffected.
New Delhi: Hackers have stolen at least $100 million worth digital tokens from Harmony, the crypto startup behind Horizon Blockchain Bridge which allows users to transfer their crypto assets from one Blockchain to another.
Harmony admitted that a malicious attack happened on its proprietary Horizon Ethereum Bridge and multiple transactions occurred that compromised the bridge with 11 transactions that extracted tokens stored in the bridge.
"The estimated value at the time of the attack was approximately $100 million," the US-based company said in a statement late on Friday.
The start-up said that it has notified its cyber-security partners and the Federal Bureau of Investigation (FBI), and requested to assist with an investigation in identifying the culprit and methods to retrieve stolen assets.
"We are working around the clock to ensure both the investigation and recovery of stolen funds are concluded in the most time efficient manner possible," the company added.
Harmony said that that focusing on decentralised bridges is an essential step forward for Web3.0.
Using Harmony's Horizon bridge, users can move assets like tokens, stablecoins, and non-fungible tokens (NFTs) between Ethereum, Binance Smart Chain, and Harmony blockchains.
The hackers stole various digital tokens like Ethereum, Binance Coin, Tether, USD Coin, and Dai.
The stolen tokens have been swapped for Ethereum using decentralised exchanges, according to Blockchain analysis company Elliptic.
Harmony has stopped the Horizon bridge to prevent further transactions and its bridge for Bitcoin was unaffected.
In April this year, hackers stole nearly $180 million in cryptocurrency from Beanstalk Farms, a decentralised finance (De-Fi) project.
The FBI in April blamed North Korean hacker group Lazarus for stealing $625 million in cryptocurrency from the Ronin Network, owned by developer group Sky Mavis.
In January this year, hackers stole crypto tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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