Harmony’s Horizon Bridge Suffers from $100 Million Hack

Alex Dovbnya

Harmony’s Horizon Bridge Deflated From About $100 Million

Harmony’s Horizon cross-chain bridge has suffered a $100 million hack, according to a official announcement made by the project team earlier this Friday.

The Harmony team has reached out to national authorities and blockchain forensic experts to investigate the theft.

The perpetrator’s address, which was linked in the announcement, currently contains about $99 worth of Ether.

Harmony (ONE), the blockchain’s native token, is down nearly 9% in the news, according to CoinMarketCap data.

The vulnerabilities of token bridges have been a hot topic within the cryptocurrency industry for quite some time now. In January, Ethereum’s Vitalik Buterin opined that they had “fundamental safety limits” in a reddit post† Tokenbridges often fall victim to hacks due to their complicated technology.

As reported by U.Today, the Ronin sidechain, which powers the token-based online video game Axie Infinity, suffered a $650 million breach in late March, which is considered one of the biggest hacks ever in the world of decentralized finance. It later emerged that the theft was orchestrated by North Korean hackers.

In February, bad actors also hijacked the Wormhole Bridge and stole more than $300 million worth of cryptocurrencies.

According to data from Norway-based Dune Analytics, there is $11.7 billion in total value locked in several Ethereum bridges with nearly 25,000 unique depositors.

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