Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge developed by crypto start-up Harmony.
Like other facets of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.
"In order for individuals to use bridges to move their funds, assets are locked on one blockchain and unlocked, or minted, on another," Symington said. "As a result, these services hold large volumes of cryptoassets."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Harmony Bridge Hacked, $100 Million Worth of Ethereum LostA variety of tokens were stolen using this exploit, ranging from wBTC and wETH to AAVE, FRAX, and several stablecoins among other tokens.
Read more »
U.S. crypto firm Harmony hit by $100 million heistU.S. crypto firm Harmony said on Friday that thieves stole around $100 million worth of digital coins from one of its key products, the latest in a string of cyber heists on a sector long targeted by hackers.
Read more »
Harmony’s Horizon Bridge Suffers $100 Million HackHarmony’s Horizon bridge has been drained of roughly $100 million
Read more »
Harmony's cross-chain bridge hit by ETH theft worth nearly $100 millionThe team behind the Harmony blockchain network has announced that Horizon, its cross-chain bridge to Ethereum, suffered a theft worth nearly $100 million in ETH.
Read more »
Cori Bush Applauded for Securing $100 Million to Boost Biden's Green Energy Push\u0022This is a major win for communities demanding an end to fossil fuels,\u0022 said the Sunrise Movement. \u0022But we need to do more.\u0022
Read more »