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Hackers steal $100 million by exploiting Horizon bridge

Deepanker Verma June 24, 2022 Cryptocurrency, Security

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Hackers stole around $100 million by exploiting a vulnerability in the Horizon bridge. Harmony, the developers behind Horizon bridge, identified the theft on Wednesday and tweeted about the attack. Tokens Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) were stolen from the bridge. These tokens have been swapped for Ethereum.

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.

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— Harmony 💙 (@harmonyprotocol) June 23, 2022

The company stopped the Horizon bridge to prevent any further transactions. Harmony is now investigating the attack with the Federal Bureau of Investigation, forensic specialists, and multiple cybersecurity firms.

As per the Harmony Protocol, only the bridge to Ethereum has been breached. Bridge to Bitcoin is still safe. The company has identified the address of the culprit.

This is the third biggest bridge hack this year. Back in February, hackers stole more than $300 million from Wormhole bridge and around $620 million from Ronin Bridge in March.

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About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.