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Harmony’s Horizon Bridge hacked for 100 million U.S. dollars
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.”
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
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.
4/ We have also notified exchanges and stopped the Horizon bridge to prevent further transactions. The team is all hands on deck as investigations continue.— Harmony 💙 (@harmonyprotocol) June 23, 2022
We will keep everyone up-to-date as we investigate this further and obtain more information.
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”.
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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