Hackers Steal $100 Million from Harmony’s Horizon Bridge

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Harmony has become the latest victim of cross-chain bridge hacks

Hackers attacked layer 1 blockchain Harmony’s Horizon bridge earlier today, causing around a $100 million loss in cryptocurrency. The whole story of the incident is still awaiting further disclosure.

Summary:

  • The Harmony team revealed on Twitter that a crypto theft was identified on the Horizon bridge, resulting in a loss of approximately $100 million. 
  • The team has suspended Horizon bridge to prevent further transactions. 
  • The team will disclose it to the community once it completes the investigation.
  • Harmony’s ONE token has plunged by over 7.29% over the past 24 hours.

Harmony is a layer 1 blockchain that boasts high throughput, fast speed, and near-zero cost. The blockchain’s killer dapp, DeFi Kingdoms, is one of the most popular GameFi projects in the blockchain gaming sphere. 

Unfortunately, this host of many successful GameFi dapps has become the target of hackers today. According to Harmony’s official Twitter account, it lost $100 million worth of tokens due to a hack on its Horizon bridge this morning.

How did it happen?

On June 24, the Harmony team revealed on Twitter that a crypto theft was identified on the Horizon bridge, resulting in a loss of approximately $100 million. It went on to explain that the team has started working with national authorities and specialists to identify the culprit and retrieve the stolen funds.

According to third-party sources, the theft seems to have happened due to a private key compromise. However, Harmony did not officially reveal or respond to such information.

Harmony has already notified exchanges and stopped the Horizon bridge from further transactions. The team is doing its best to investigate what happened and will disclose it to the community and users as soon as possible.

Harmony’s ONE token has plunged by over 7.29% over the past 24 hours, according to DappRadar Token Explorer, and is currently trading at $0.024.

Cross-chain bridges raise security concerns again

This year has witnessed a series of cross-chain bridge hacks, and Harmony’s incident marked the latest one. In January, hackers stole $80 million from Qubit Finance’s bridge, and in March, the victim was the leader play-to-earn dapp Axie Infinity. Additionally, Axie’s Ronin bridge lost $622 million in ETH and USDC in a hack.

DappRadar will continue monitoring the latest developments of Harmony’s hack incident. Follow us on Twitter, Discord, and Youtube to keep up with the dynamic blockchain world. 

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