Hackers withdrew $100 million in cryptocurrency from the Horizon cross-chain on the Harmony network

The company is already working with the US authorities to identify the hackers

24.06.2022 - 07:25

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What’s new? On the morning of June 24, the Horizon cross-chain protocol on the Harmony network was hacked, causing hackers to withdraw around $100 million in cryptocurrency. Horizon has now been suspended and the company itself is already working with the US law enforcement agencies to investigate what happened. Which vulnerability was exploited by the hackers has not yet been reported.

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

Details of the hack. Among the stolen funds were about $10 million in USDT stablecoins, $41 million in USDC, $5,5 million in BUSD, and about $6 million in DAI. The attackers also stole 43 wETH, 592 wBTC, and 40 000 SUSHI tokens. After the hack, the hackers exchanged the cryptocurrency on the Uniswap exchange.

The Harmony developers left a message for the hacker. The project team offered to start negotiations and indicated an email for contact. Harmony noted that communication can be anonymous.

Harmony is a Layer-one (L1) network built in the Ethereum ecosystem. According to the developers, on their network, transactions are completed in 2 seconds and fees are several times lower than on the mainstream blockchain. The Horizon cross-chain bridge provides a connection between Ethereum, Binance Smart Chain, and Bitcoin networks.

On April 2, hackers stole $15,6 million from Inverse Finance, a lending protocol. The attackers took advantage of an exploit of the price oracle in the INV/ETH pair on the SushiSwap exchange. On June 16, the network was hacked again, this time the attackers withdrew $1,26 million. According to experts, the hack was made possible by a flash loan to manipulate the price oracle for an LP token of the Inverse Finance.

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