Cryptocurrency

The A to Z of the $100m hack of Harmony’s Horizon Bridge

The A to Z of the $100m hack of Harmony’s Horizon Bridge #100m #hack #Harmonys #Horizon #Bridge Welcome to JibGlobe, here is the new resources we have for you today:

The multi-chain or cross-chain technology seems to be the new playing ground for hackers given the sheer rise. Users want to transact with other blockchains by leveraging bridges to different ecosystems. Nonetheless, several famed individuals such as Ethereum co-founder and developer Vitalik Buterin raised concerns about the same.

In his argument, Buterin cited the “fundamental security limits of bridges” as the key reason for his disapproval of a cross-chain environment. Yet, here we are.

No more harmony? 

The Harmony blockchain network is the recent victim to have succumbed to yet another cross-chain bridge exploit. Horizon, its cross-chain bridge to Ethereum, suffered an exploit worth nearly $100 million in ETH. The team alerted users on Twitter in a 24 June tweet that read,

1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.

More 🧵

— Harmony 💙 (@harmonyprotocol) June 23, 2022

The address linked in the thread held 85,837.251 ETH, worth approximately $100 million as of press time. The alleged address made 11 transactions from the bridge for various tokens. Further sent tokens to a different wallet to swap for ETH on the Uniswap decentralized exchange (DEX), then sent ETH back to the original wallet.

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