One hundred million dollars’ worth of value has been extracted from the Horizon Bridge that connects the Harmony layer-1 blockchain.
The Horizon Bridge, which connects to the Harmony layer-1 blockchain, has been breached, resulting in the theft of $100 million worth of alternative cryptocurrencies, which are currently being traded for ether (ETH).
The hack may demonstrate that the community was justified in its previous concerns regarding the robustness of the two-of-four multisig that is reportedly used to secure the bridge.
There were a total of 11 transactions made for a variety of tokens from the bridge between the hours of approximately 7:08 am and 7:26 am Eastern Standard Time. Since that time, they have started sending tokens to a different wallet so that they can trade them for ETH on the Uniswap decentralized exchange (DEX), and then they send the ETH back to the wallet from which they originally obtained the tokens.
Harmony & Horizon Bridge
Blockchains and non-fungible tokens are two of the products that Harmony develops. Blockchains are used in so-called decentralized finance, which refers to peer-to-peer sites that offer loans and other services without the traditional gatekeepers such as banks
Transferring tokens between the Ethereum network, the Binance Chain, and Bitcoin can be accomplished with the help of the Horizon Bridge. Late on someday, the company that operates the bridge, Harmony, announced that all traffic on the bridge has been stopped. It was stated that the Bitcoin Bridge and all of its assets had not been compromised in any way by the attack.
Requests for comments were not responded to by the developers, including Nick White, who was one of the co-founders of Harmony. Proof-of-stake (PoS) is the type of consensus used by the layer-1 blockchain that is known as Harmony. It uses ONE as its native token.
The security of Horizon’s multisig wallet on Ethereum has previously been called into question due to the fact that only two of the wallet’s four signatories were required in order to withdraw funds from the wallet.
THIS ARTICLE WAS WRITTEN BY QURRATULAIN ZAHEER