Harmony’s Horizon Bridge Was Hacked 181 Million USD

Bridge projects continue to fall victim to hacks, the latest being Harmony’s Horizon with “9-digit” damage.

Horizon hacked, damage up to 9 digits

On the morning of June 24, Harmony’s Horizon cross-chain bridge was confirmed to have been hacked by hackers with initial damage estimated at up to 100 million USD according to the project’s confirmation.

However, according to the hacker wallet provided by Harmony, the attacker extracted more than 85,837 ETH (worth $98.3 million), 592 WBTC ($12.4 million), 9.9 million USDT, 41.2 million USDC, 6 million DAI, 5.5 million BUSD, 5.6 million FRAX, 84.6 million AAG ($1.3 million), 110.000 FXS ($607k), 415.000 SUSHI ($518k), and more tokens Other ERC-20s. The total amount taken from Horizon is over $181 million.

In addition, the attack took place from June 23 but was only announced by Harmony at 06:13 AM on June 24, about 12 hours later, creating conditions for hackers to disperse most of the ERC-20 tokens, leaving only large amounts of ETH in the wallet.

Horizon asserts that the attacker has only penetrated the bridge to Ethereum, while the bridge to Bitcoin is still safe. Despite this, the project suspended Horizon to investigate the vulnerability, as well as notify exchanges to prevent hackers from laundering money.

Blockchain bridges, also known as cross-chains, applications that help transfer value between two independent blockchains, have been a “delicious bait” of hackers in recent times. Currently, the top 3 most damaging attacks in the DeFi industry are all in the cross-chain array and all occurred within the past 1 year, including Poly Network ($611 million – August 2021), Wormhole ($325 million – February 2022) and most recently, Ronin of Axie Infinity ($622 million – March 2022).

Because of many defects in the working mechanism, Ethereum founder Vitalik Buterin once said that cross-chain solutions should not be trusted.

The price of Harmony’s ONE token is falling slightly after the hack was announced and has been sliding throughout this 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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