Horizon Bridge to Harmony Layer-1 blockchain has been used by altcoins for $ 100 million and is being converted to ETH.
The hijacking could prove to the community’s fears that two of the four multi-sigs that were supposed to guard the bridge were already strong.
From 7 a.m. to 8 a.m. to 7 p.m. At Unicewap Decentralized Exchange (DEX) you start sending tokens in a separate wallet to exchange ETH, then send ETH to your original wallet.
1 / The Harmony team identified the theft at the Horizon Bridge this morning. We started working with national authorities and forensic specialists to identify the culprit and recover the stolen money.
– Harmony (@harmonyprotocol) June 23, 2022
So far, Frax (FRAX), WETH. Aave (AAVE), SUSHI, Frax Share (FXS), AAG (AAG), Binance USD (BUSD). DAI, USDT, BTC (WBTC) and USD Coin (USDC) were stolen from the bridge.
Horizon Bridge facilitates simulation transfers between Harmony and Ethereum Networks, Binance Chain and Bitcoin. Harmony, the bridge operator, Announced At the end of June 23, the bridge was closed. He said the BTC bridge and its properties were not damaged in the attack.
The Harmony group said it was working with “national authorities and the judiciary” to determine who was responsible. It is certain that the afterlife will follow.
The developers and founder of Harmony Nick White did not respond to comments. Harmony uses the Layer-1 blockchain authentication agreement. His country of origin is the same.
The Horizon Multi-Sig Bag, which requires only two of the four signatories to withdraw the money, has already been mentioned as a threat to Ethereum’s health. Chainstride Capital crypto-based venture fund founder Ape Dev Mentioned On Twitter, April 2, a small number of potential signatories will open the bridge to “another 9-digit hacking.”
The safety of the bridge is currently limited to the multi-sig bag on 0 x715CdDa5e9Ad30A0cEd14940F9997EE611496De6. It has four owners, two of which require an agreement to conduct a random transaction (costing $ 330 million). pic.twitter.com/sgYmyPrYgf
– App Dave (@_apedev) April 1, 2022
Ape Dev’s prediction seems to be coming true as the bridge is now worth $ 100 million.
It is far from the only developer in crypto.
Vitalik Butterin discussed the issue with Token Bridges in a Reddit post this January. He said that when bridges were looted, it would endanger the flow of water in each chain. He added that as the number of fake bridges increased, 51 per cent of attacks on one chain would increase the risk of further contamination.
Since his prediction, the Met Token Bridge, the Axis Infinity Ronnie Bridge and the Wormhol Bridge have each been looted for a total of $ 1 billion.
National authorities and forensic specialists * must * investigate * you to determine what kind of security breaches allowed this “theft” to take place.
– ChrisClec (@ChrisBlec) June 24, 2022
Multitasking is an ongoing security issue in attacks. Ronnie’s bridge was secured by nine inspectors, of whom only five were required to verify the transaction. The hacker has seized more than $ 600 million in assets, including five wanted investigators.
Related Chinaalisis Launches Reporting Services for Crypto-Targeted Cyber Attacks
The market did not seem to respond as the price of all the coins and tokens in question did not move significantly. However, ONE has dropped 7.4% in the last 24 hours, with most of the decline coming in the last 5 hours. It trades at $ 0.024, according to CoinGecko.