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Harmony’s Horizon Bridge hacked for 100 million U.S. dollars

Harmony Hack Horizon Bridge

Source: Pixabay.com

The Harmony Protocol’s Horizon Bridge fell victim to a hack on June 24, 2022, resulting in the capture of more than 85,000 Ethereum, worth close to 100 million U.S. dollars.

The cross-chain Horizon Bridge allows cryptocurrencies to be moved between Ethereum (ETH), Binance Smart Chain (BSC) and Harmony blockchain networks.

The Harmony team announced, that it “begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.”

Harmony notifies cryptocurrency exchanges

On early Friday morning, the Harmony team shared on Twitter that it has notified the exchanges to prevent further malicious transactions and that there will be an update for users soon.

Harmony's trustless Bitcoin bridge "safe at this time"

At present, it is not yet clear how exactly the attack occurred. However, the Harmony team added that the hack had no impact on the trustless Bitcoin bridge, as all funds and assets are stored on decentralized vaults and are considered “safe at this time”.

Disclaimer

This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.

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