In what seems like a massive theft reported in recent times, $100 million worth of altcoins have been stolen through the Horizon Bridge to the Harmony layer-1 blockchain and are being exchanged for ether (ETH). Interestingly, Harmony Protocol is offering a $1 million bounty for the return of Horizon bridge funds and information on the exploit.
There were 11 transactions conducted from the bridge for different tokens between 7:08 and 7:26 ET. Since then, they have started transferring tokens to an alternative wallet in order to exchange them for ETH on the Uniswap decentralised exchange (DEX), then transferring the ETH back to the original wallet.
Frax (FRAX) and Wrapped Ether (WETH). AAG (AAG), Binance USD, Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG) (BUSD). Through this vulnerability, Dai (DAI), Tether (USDT), Wrapped BTC (WBTC), and USD Coin (USDC) have been stolen from the bridge.
The Horizon Bridge enables token transfers between the Harmony network and Ethereum, Binance Chain, and Bitcoin. The operator of the bridge, Harmony, confirmed the bridge's closure late on June 23. It was said that neither the BTC bridge nor its assets were harmed by the attack.
n addition, the Harmony team stated that it was collaborating with "national authorities and forensic specialists" to identify the culprits. A post-mortem examination is inevitable.
Harmony is a layer-1 blockchain with a consensus-based on proof-of-stake. One is its native token.
The hack might prove the community's earlier worries about the reliability of the two of four multisig that purportedly safeguard the bridge to be unfounded. Concerns had already been raised over the security of Horizon's multisig wallet on Ethereum, as only two of the four signatories were necessary to withdraw funds.
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