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Harmony Protocol’s Horizon bridge exploited, $100M stolen

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Level 1 blockchain network Harmony Protocol (ONE) claimed on June 24 that a hacker took advantage of its horizon bridge and about $100 million worth of tokens on the bridge were stolen.

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The attack is one of the largest in recent weeks. Harmony said it has begun “cooperating with national authorities and forensic experts to identify the culprit and recover the stolen funds.”

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The team added that the exploit did not affect the untrusted bitcoin (BTC) Bridge, and assets stored in decentralized vaults remain safe.

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The Horizon Bridge connects the Harmony protocol to other networks such as Ethereum and Binance Smart Chain, allowing the transfer of cryptocurrencies, stablecoins, and NFTs between the Harmony blockchain and the network.

Harmony warned about vulnerability

In April, blockchain developer and researcher Ape Dev warned about Harmony’s weak security. They predicted that an attacker could use it for an attack that could result in losses of up to $330 million.

According to available information, the attacker moved funds in 12 transactions using three attack addresses. As a result, they could transfer funds to tokens such as ETH, WBTC, USDT, AAVE, WETH, FXS, SUSHI, FRAX, DAI, BUSD, and AAG.

The attacker was able to take control of the MultiSigWallet and validate the transactions to transfer the stolen funds directly.

Although the identity of the hacker remains unknown, the fact that the Harmony team could have prevented the attack will raise questions about its security in the crypto community.

Most of the stolen tokens remained with the attacker. wallet at the time of publication. However, the attacker started converting the stolen funds into ETH via Uniswap.





Credit : cryptoslate.com

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