After hackers stole $100 million worth altcoins, Horizon was the latest cross-chain bridge that was hit by an exploit. Hackers have stolen $100 million from cryptocurrency by stealing layer 1 blockchain Harmony’s Horizon bridge.
In a Tweet, the exploit was disclosed in the early hours Friday morning. Harmony revealed that they had detected a theft on the Horizon bridge, amounting to approximately. $100MM.” The Harmony team is working with “national authorities” and “forensic specialists” in order to recover the stolen funds.
Harmony said in a follow-up Tweet that the FBI is also working around the clock with Harmony and other cyber security companies.
Wrapped Ethereum (WETH), SUSHI (AAVE), DAI, Tether, USDT and USD Coin (USDC), were stolen from the bridge and exchanged for Ethereum.
Harmony claimed that it has blocked the Horizon Bridge to prevent any further transactions and that the exploit does no damage to its trustless BTC bridge. The Harmony team stated that “its funds and assets are safe at the moment.”
According to CoinMarketCap data, Harmony’s One token plunged more than 10% in the past day and is currently trading for $0.02416
Harmony is a blockchain-based platform that aims to resolve the blockchain trilemma of security and decentralization while balancing scalability. Cross-chain Horizon allows crypto holders to move between Harmony and Ethereum’s networks, Binance chain and Bitcoin.
This is just the latest in a series of exploits which have stolen hundreds and millions of dollars from crosschain bridges in recent weeks. In January, Qubit Fin’s bridge had been hacked to a cost of $80 million. A month later, the Wormhole Bridge was hacked to a cost of $320million.
However, both hacks were dwarfed by the March 2022 hack of Axie infinity’s Ronin Bridge, which drain $622 million USDC and Ethereum.