$100 Million in Crypto Was Stolen From Harmony’s Blockchain Bridge

Image source: Getty Images

In the latest crypto news, hackers have stolen around $100 million worth of cryptocurrency from Harmony’s blockchain bridge. A blockchain bridge is a function that allows users to transfer their different types of cryptocurrencies from one blockchain to another. For example, you can send digital assets from Ethereum to Binance Smart Chain using a bridge.

$100 million added to crypto hacks this year

Unfortunately for Harmony, it’s supposed to be a bridge and secure bridge company, running fast and final transactions, and focusing on the Ethereum network, though it does support Binance and three other chains. So it was certainly a blow on Thursday when reports surfaced that the Horizon Ethereum bridge had been hacked for $100 million.

And the blow extends beyond Harmony, and into the rest of the crypto world, adding to the billion dollars already stolen this year, and exposing a weak point in decentralized open-source, digital currency format.

How Harmony reacts

Upon news of the theft, Harmony announced on Twitter that it had notified other exchanges and shut down its Horizon bridge, to prevent more transactions from taking place while it focused on resolving the hack. The tweet read: “The Harmony team has identified a theft that occurred this morning on the Horizon Bridge in the amount of approximately $100 million. We have begun working with state authorities and forensic specialists to identify the culprit and recover stolen funds.

The company also revealed in the series of tweets that an individual account was suspected of being behind the heist. It also appears that the hack has been confined to the Horizon Ethereum bridge. The company added, “Note that this does not impact the BTC trustless bridge; its funds and assets stored in decentralized vaults are safe for the time being.

Harmony’s Twitter feed also assured users and followers that the company is on deck as it continues the investigation and seeks to uncover the hacker and re-secure its decks.

The unfortunate news also impacted the price of the coin, which initially fell around 10% and at writing is down over 5% with a price of $0.024665, according to CoinMarketCap.

Earn a $50 bitcoin bonus

Our updated list of the best cryptocurrency apps for 2022 is full of best-in-class choices. The cryptocurrency apps that landed on our shortlist include perks like $0 commissions and a choice that offers a $50 bitcoin bonus. Check the list here and start your crypto journey, today.

Get the best choices

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts.Katie Clinebell has positions in Bitcoin and Ethereum. The Motley Fool has positions and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Comments are closed.