- Crypto thieves have hacked a blockchain bridge and made away with $100 million worth of cryptos in a major hack
- According to the blockchain company, Harmony, the theft was discovered on Wednesday and a possible culprit has been identified
- Blockchain bridges are important in Decentralised Finance which helps users to transfer their assets from one blockchain to another
Hackers have made away with $100 million worth of cryptocurrencies from Horizon, a blockchain bridge in a major hack as the industry battles crash and sell-offs.
CNBC reports that details of the crash are hazy but the blockchain said they discovered the theft on Wednesday, June 22, 2022. The company has identified a potential account it believes may be the offender.
Company launches investigations
According to Harmony, it has begun working with national authorities to discover the culprit and get back the stolen money, a tweet from the company said.
Since the start of January, Mark Zuckerberg has lost N161.7bn daily, as he drops to 17th in billionaire list
In another tweet, the company said it is working with the FBI and several cybersecurity experts to unearth the attack.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
Blockchain bridges are very crucial in the DeFi ecosystem and offer users a way to transfer their assets from one blockchain to another. Users can send tokens from the Ethereum network to Binance Smart Chain, in the case of Harmony.
Decentralised Finance weaknesses
The company said the bitcoin bridge was not affected in the attack.
DeFi aims to reconstruct conventional financial services like loans and investments on the blockchain as bridges become an important target for hackers due to weaknesses in their underlying code.
They also maintain large stores of liquidity which makes them alluring targets for hackers, Jess Symington said.
Harmony has not made known how the cryptos were carted away but an investor has raised worries about the security of the platform as far back as April.
About 180,000 crypto investors lose 215.8 billion as Bitcoin trades at $23k
Legit.ng reported that Bitcoin again plummeted to an all-time low of $23,000 on Monday, June 13, 2022.
About 180, 000 traders have lost $520 million, as the largest crypto dips to the lowest point in months, a price not seen since December 2020.
Market sell-off continues and was observed throughout the year. Many have likened the decline in the market to what was witnessed in the 2008 market crash and others compared the sell-offs to the Red Wedding in the famous Game of Thrones.