Crypto money worth $ 100 million has been stolen. The Horizon bridge linking to the Harmony’s Horizon Bridge Layer-1 blockchain has been attacked by crypto criminals.
The robbery led to the theft of $ 100 million worth of cryptocurrencies, currently traded in ether (ETH).
Another cryptocurrency bridge was hacked today. Crypto Bridge is an app that allows users to trade for money between different blockchains.
Collaboration between Ethereum, Binance Smart Chain (BSC), and Harmony blockchain networks can be achieved through Horizon Bridge.
It is possible that this violation could confirm the public’s earlier concerns about the reliability of the two of the four multisig to protect the bridge.
Harmony Confirms Attack
Harmony confirmed the attack on crypto hackers on its Horizon Bridge yesterday.
Earlier on Twitter, the company wrote on Twitter, “The Harmony team has identified the theft that occurred this morning on the Horizon bridge for about $ 100MM.”
Harmony added, “We have begun working with national authorities and intelligence experts to identify the culprit and recover the stolen money.”
The following tweet from the company also clarified that Bitcoin Bridge and all its underground assets were not compromised in any way by the attack.
The blockchain company, Harmony, was founded by Stephen Tse in 2018. It is an effective proof of Stake (EPoS) blockchain focused on security, distribution, and mitigation.
Harmony’s Horizon Bridge is a cross-chain platform that allows its users to trade in assets such as NFTs, crypto tokens or coins, or to move tokens to and from Binance Smart Chain (BSC), Harmony Blockchain, i -Ethereum, and other chains.
The crypto hackers have collected many types of currencies such as Tether (USDT), Ether Ether (WETH), Bound Ether (WBTC), Binance USD (BUSD), USD Coin (USDC) and many more.
Harmony’s Crypto Hack
There was a total of 11 transactions made in various tokens using the bridge between the hours of about 7:08 and 7:26 ET.
The crypto hackers started sending tokens to a different wallet so that they could trade ETH on the Uniswap decentralized exchange (DEX).
After that, the characters send ETH back to the bag where they first received the tokens.
According to Blockworks, the company’s security team has identified the address used during the attack. The address reportedly contains 85,837 ether, more than $ 98 million USD.
Read Also: NFT Art could be next Disney or Marvel: Coinbase CEO Brian Armstrong Says NFT could be bigger than Cryptocurrency
Threats to Crypto’s Multistig Wallet
Harmony’s Horizon Bridge has received a number of warnings from developers in the industry.
According to Cointelegraph, “Concerns have been raised in the past about the sound of the Horizon multisig wallet in Ethereum, requiring only two of the four signatories to withdraw funds.”
Ape Dev, founder of Chainstride Capital, wrote on Twitter in April that the low number of signatories needed would put the bridge at risk of a robbery that could cost up to nine dollars.
In addition, Cointelegraph also reported that Vitalik Buterin mentioned issues under bridges.
In January, he introduced the fact that if bridges were exploited, it would threaten the lack of funding for each chain involved. Buterin also added that the number of token bridges is increasing, which is where the% attacks are found in its chain.
This is the third major bridge hijacking that has taken place this year. The hijackers made more than $ 300 million from the Wormhole bridge in February. Meter’s token bridge also lost $ 4.4 million.
At the end of March, the hijackers stole nearly $ 620 million from Ronin Bridge. Meter token bridge lost $ 4.4 million.