Harmony Protocol Suffers $100M Loss to Horizon Bridge Hack

According to the Harmony Protocol, just the bridge leading to Ethereum has been compromised; the bridge leading to Bitcoin is still safe.
Harmony Protocol Suffers $100M Loss to Horizon Bridge Hack

Leading DeFi platform Harmony Protocol suffers a hack attack as the hacker exploited a vulnerability on its Horizon Bridge, and ended up losing over $100M. 

The attack occurred on June 23 but wasn’t disclosed by Harmony until 6:13 AM on June 24, which gave hackers time to distribute most of the ERC-20 tokens, leaving just a huge amount of ETH in the wallet.

As per the hacker’s wallet, they stole more than 85,867 ETH ($98.3M), 592 WBTC ($12.4M), 9.9M USDT, 41.2M USDC, 6M DAI, 5.5M BUSD, 5.6M FRAX, 84.6M AAG ($1.3M), 110.000 FXS ($607k), 415.000 SUSHI ($518k), etc.

Harmony Protocol Hack Data
source: peckshield

But Harmony Protocol only acknowledged the theft of approximately $100M at the time of writing, while the wallet details show a theft of over $180M. 

According to Harmony Protocol, only the bridge to Ethereum has been breached, but the bridge to Bitcoin is still secure.

The platform has since then paused the Horizon bridge in order to look into the vulnerability, and alert exchanges to prevent further transactions.

Harmony protocol is currently working with the FBI, multiple cyber security firms, forensic specialists, and others to find the culprit, with more updates to be shared soon.

Cryptocurrency hackers continue to exploit security weaknesses in various networks in an effort to make a fortune. After the $625 million Ronin Network hack and the $300M Wormhole Bridge compromise, the Horizon bridge hack is the third-largest blockchain bridge hack of the year.

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