Hackers Steal $100 Million Worth of Crypto in Major Hack

• 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.

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In another tweet, the company said it is working with the FBI and several cybersecurity experts to unearth the attack.

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.

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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.

Source: Legit.ng