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Home Tech Cryptocurrency

Hackers stolen $100 million in cryptocurrency from Horizon blockchain bridge

June 25, 2022
in Cryptocurrency
155 2
Hackers who want to take advantage of flaws in the world of decentralized finance are now focusing on so-called blockchain bridges.

Hackers who want to take advantage of flaws in the world of decentralized finance are now focusing on so-called blockchain bridges.

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In another major hack, $100 million worth of cryptocurrency was taken.

In the latest big theft in the world of decentralized finance, hackers stole $100 million worth of cryptocurrency from Horizon, a so-called blockchain bridge.

Not much is known about the attack yet, but Harmony, the company that made Horizon, said they found the theft on Wednesday morning. Harmony has found a single account that it thinks is responsible.

In a tweet late Wednesday, the start-up said, “We have started working with national authorities and forensic experts to find out who stole the money and get it back.”

In a follow-up tweet, Harmony said that the attack is being looked into by the FBI and several cybersecurity companies.

2/ 0x address of the culprit below:https://t.co/VXO7s6FpIy

— Harmony 💙 (@harmonyprotocol) June 23, 2022

Blockchain bridges are an important part of the DeFi space because they let users move their assets from one blockchain to another. In the case of Horizon, users can send tokens from Ethereum to Binance Smart Chain. Harmony said that the attack did not affect a different bitcoin bridge.

Like other parts of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a top target for hackers because their code has flaws.

Jess Symington, research lead at blockchain analysis firm Elliptic, says that because bridges “keep a lot of cash on hand,” they are “a tempting target for hackers.”

“In order for people to use bridges to move their money, assets must be locked on one blockchain and unlocked, or “minted,” on another,” Symington said. “Because of this, these services keep a lot of cryptoassets.”

Since the current narative du-jour is bridges & bridge hacks, I wanted to do some digging on the harmony bridge on Ethereum which secures ~$330m worth of tokens.

— Ape Dev (@_apedev) April 1, 2022

Harmony has not said how the money was actually stolen. But one investor had been worried about the Horizon bridge’s safety as early as April.

The Horizon bridge’s security was based on a “multisig” wallet that only needed two signatures to start a transaction. Some researchers think the breach was caused by a “private key compromise,” in which hackers got the password or passwords needed to get into a cryptocurrency wallet.

It comes after a string of attacks on other blockchain bridges that made headlines. A security breach in March cost the Ronin Network, which runs the crypto game Axie Infinity, more than $600 million. Another popular bridge, Wormhole, lost more than $320 million in a hack a month before.

The theft adds to a string of bad news about crypto in recent weeks. After a sharp drop in the value of their assets caused a shortage of cash, Celsius and Babel Finance put a hold on withdrawals. The troubled crypto hedge fund Three Arrows Capital may not be able to pay back a $660 million loan from Voyager Digital.

Tags: Bitcoin

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