As crypto becomes more popular, hackers are transferring their skills to target cryptocurrency exchanges and Traders. The crypto community was shocked by another blow this week with the news of yet another hack. According to Harmony, the hack took place on Thursday morning. Thankfully, the BTC bridge was not affected by this hack, and all funds and assets stored on decentralized vaults are safe.

Third Major Bridge Attack This Year

In February, hackers stole more than $300 million from the Wormhole bridge. In late March, Ronin Bridge lost about $620 million. Even before the Horizon hack, money stolen from bridges exceeded $1 billion.

And this time, hackers looted around $100 million in altcoins using the Horizon Bridge. The bridge, which connects the Harmony layer-1 blockchain to Ethereum, was exploited and then swapped the coins for Ether (ETH).

Harmony’s native ONE token dropped 13% over the past 24 hours, according to Coingecko.

This is a major blow to the Harmony project, which has been working to build a scalable and decentralized blockchain platform. The attack highlights the need for greater security measures when dealing with large amounts of digital assets.

Raising Uncertainty

This latest hack is sure to raise questions about the security of the Horizon Bridge and whether or not it is robust enough to protect user funds. Previously, there have been concerns raised by the community about the bridge's security, specifically around the two of four multi-signature that reportedly secure it. 

The damage caused by these hacks cannot be understated, and it is clear that more needs to be done to secure these bridges. The best way to do this is to increase awareness and education about the dangers of bridge hacking and beef up security measures. Only by taking these steps, we hope to prevent these devastating hacks from happening again. This year has been a tough one for crypto, and this serves as a reminder that even seemingly secure systems can be vulnerable to attack. As such, it's crucial always to exercise caution and due diligence when dealing with cryptocurrencies.



Jun 24, 2022
Crypto News

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