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Sunday, August 14, 2022

Horizon Bridge Has Been Hacked For $100 Million

The Horizon Bridge that was set for the Harmony layer-1 blockchain has seen exploitation of $100 million in altcoins which were then swapped for Ether.

This hack could potentially vindicate the previously raised concerns by the community about the robustness of the two of four multisig that reportedly take care of the bridge. The hack took place at 7:08 am EST and went on till 7:26 am EST, wherein 11 transactions were made from the bridge for quite a few tokens. They have already begun sending tokens to multiple wallets that would swap for Ethereum on the DEX- after which it would be sent back to the original wallet.

Horizon Bridge Gets Hacked Off $100 Million

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So far, the exploitation of Horizon Bridge has led to the loss of Wrapped Ether, Frax, Aave, Frax Share, SushiSwap, AAG, Dai, Binance USD, Wrapped BTC, Tether, and USDC. This platform usually facilitates the transfer of tokens from Harmony and the Ethereum network, along with Bitcoin and Binance Chain. The operator of the bridge, Harmony, also announced on Thursday that the bridge had reportedly been halted. It stated that the BTC bridge and the assets it brought with it weren’t attacked by this attack.

The Harmony team responsible for the operation of the Horizon Bridge also mentioned that they were working with national authorities as well as forensic specialists to determine who exactly was behind this. Nick White, the co-founder of Harmony, did not respond to requests for comment that Cointelegraph had placed before him. Concerns had previously been raised as to the soundness of the multi-sig wallet of Ethereum, which simply required two out of the four signees to drain the funds.

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