In another major blow to the crypto industry, Harmony Blockchain loses $100 million worth of crypto to hackers. The company confirmed this unfortunate news on a social media platform.
Harmony Blockchain posted about this on Twitter, saying:
“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.”
Harmony is the protocol behind the Horizon crypto bridge. Horizon allows users to exchange a number of tokens through multiple blockchains. But what exactly is a crypto bridge?
Crypto Bridge is an intermediary that allows a number of tokens to interact with one another. This is essential in the crypto world as blockchains such as Bitcoin and Ethereum require their own native tokens to process transactions.
However, bridges of such sort became the target ground for many hackers. This is due to the fact that most of the vulnerabilities potentially exploitable are found in these crypto bridges. In fact, Hackers have also targeted bridges as they are a central marketplace for a wide collection of coins.
Unfortunately, Horizon became the third attack on a crypto bridge so far this year. About a billion dollars worth of crypto has gone into jeopardy due to hackers exploring such crypto bridges. Previously, hackers targeted the Wormhole bridge for $300 million. Following that, another group of hackers targeted Ronin Bridge, stealing $620 million in March.