On June 24, Layer-1 blockchain network Harmony Protocol made an official statement on Twitter about a hacking incident. As per the tweet, the hacker attacked their horizon bridge, stealing around $100 million in tokens from the bridge. Though the amount of damage is not disclosed, it is believed that such an incident will cause Harmony to redesign the wallet and reduce the community’s appeal.
Many developers have cast doubt on the technology underlying blockchain, arguing that a decentralized Internet is a pipe dream. This is one of the most serious attacks in recent weeks. Harmony said that it has begun “collaborating with national authorities and forensic professionals to identify the attacker and recover the stolen funds.” The attack had no effect on the trustless Bitcoin (BTC) Bridge or assets stored in decentralised vaults.
The Horizon bridge connects the Harmony protocol to other networks such as Ethereum and Binance Smart Chain, allowing cryptocurrencies, stablecoins, and NFTs to be moved between the Harmony blockchain and the network.
Although the Harmony team has not revealed whether the hacker has been identified or not, the fact that the Harmony team might have prevented the assault raises concerns about the crypto community’s security. As of press time, the majority of the stolen tokens were still in the attacker’s wallet. The attacker, on the other hand, has begun turning the stolen cash into ETH using Uniswap.
Disclaimer: The opinion expressed here is not investment advice, it is provided for informational purposes only.
