The cryptocurrency market has become a popular space for hackers over the past few years. The theft of $ 100 million from the Harmony blockchain is the latest act of hackers.
A cryptocurrency hacker discovered $ 100 million by discovering a vulnerability in the Horizon Bridge block of Harmony China. Horizion Bridge allows users to transfer their encrypted assets from one blockchain to another. Harmony noted in a blog post on Friday that it had spotted a massive hacking attack on the Chinese blockchain network on Thursday.
Read more: The future of digital currencies in 2022
Details of stealing $ 100 million from the Harmony China block
According to blockchain analyst Elliptic, various encrypted assets such as Atrium, BinanceQueen, Tetra, USD and Dai were stolen in a recent hack attack on Harmony blockchain. Elliptic added that the stolen tokens have now been exchanged for Atrium cryptocurrencies using decentralized exchanges. This technique is very common in hacking attacks.
In his blog, Harmony noted that he sought help from several cyber security companies and the FBI immediately after the hacking attack. The Harmony team also tried to communicate with the thief by sending a secret message in the form of a transaction. Next, Harmony stopped Horizon Bridge to prevent the thief from continuing his activities. The Harmony Bridge for Bitcoin was not affected by the attack. In a part of the Harmony blog post, it is mentioned:
This incident shows the sensitivity of work for the future of this space. We still have a lot of work to do. As soon as we can get new information about this theft, we will share it with users.
Harmony has not yet released information on how the theft took place. One Ape Dev investor has previously expressed concerns about Horizon Bridge. The researcher had warned on Twitter that the security of Horizon Bridge depended on a multisig wallet. These wallets require only two signatures to complete the transaction.
The Harmony Bridge hack was carried out after a series of intense attacks on other blockchains. Ronin Network, built for Axie Infinity, for example, lost more than $ 600 million in March. US officials have blamed Axie Infinity for the Lazarus hacking group. Wormhole Decentralized Financial Platform also lost about $ 235 million in February.
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