Technology

Hackers swipe $100 million in cryptocurrency from blockchain bridge Harmony

Hackers made off with about $100 million in cryptocurrency from a so-called blockchain bridge operated by Harmony, including to the greater than $1 billion already stolen in crypto to this point this year.

Harmony mentioned it notified different exchanges and stopped its bridge, referred to as Horizon, to stop additional transactions because the company investigates the theft. One particular person account is considered behind the heist, the company mentioned Thursday in a sequence of tweets

The company is “working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” Harmony mentioned of the theft from its Horizon bridge that enables for the change of cash from a number of blockchains. In a later tweet, Harmony mentioned it is working with the Federal Bureau of Investigation and cybersecurity corporations to analyze the assault. 

Harmony didn’t instantly reply to a request for remark.

Shaky bridge

Harmony and different so-called blockchain bridges had been developed to simply accept a number of tokens as further cryptocurrencies are adopted and customers look to make transfers extra readily. Horizon affords cross-chain exchanges between Ethereum and Binance’s Smart Chain. 

However, bridges are seen as particularly vulnerable to assault and are ceaselessly focused by cybercriminals, with $1.3 billion stolen from bridges in the primary three months of the year, in accordance with an estimate from researcher Chainalysis.

Attacks on Crypto.com in JanuaryWormhole in February and Ronin Network in March every resulted in multimillion-dollar losses. Cybersecurity consultants say hackers typically goal decentralized finance, or DeFi, platforms with weak safety. 

DeFi providers are sometimes constructed on public blockchains, permitting customers to change crypto forwards and backwards with out the necessity for a longtime monetary establishment like a financial institution or credit score union. 

In one other assault, hackers in April stole $182 million from DeFi service Beanstalk Farms. PeckShield, a blockchain safety company in China, mentioned thieves used a “flash loan” to use safety weaknesses in Beanstalk. A flash mortgage is an unsecured mortgage that bypasses the necessity for collateral from the borrower through the use of smart contracts requiring reimbursement by the the top of a transaction — normally inside seconds or minutes.

Back to top button