BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Hackers Make Away with Over $100 Million in Harmony Horizon Bridge Hack

by BlockNews.com Team
June 24, 2022
in CRYPTO, TECHNOLOGY
Reading Time: 2 mins read
A A
1
SHARES
16
VIEWS
Share on XShare in TelegramShare on Reddit

Hackers took advantage of a system vulnerability that allowed them to make away with around $100 million from an apparent cryptocurrency bridge.

Horizon bridge, which is under the Harmony blockchain, allows users to swap coins between blockchains. Harmony announced the attack on Thursday morning and has stated that it has “begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.”

1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.

More 🧵

— Harmony 💙 (@harmonyprotocol) June 23, 2022
Harmony tweets in response to hack

Horizon is the third to be attacked this year. Earlier this year, hackers managed to finesse over $300 million from the Wormhole bridge. In March, hackers stole $620 million from Ronin Bridge. The total lost value of bridge hacks has amounted to more than $1 billion dollars in the last few years, far before Horizon’s, says a Chainanalysis researcher.

Harmony’s native ONE token dropped 13% in the past 24 hours, according to crypto news site CoinGecko. 

Xuxian Jiang, the chief executive officer of security from PeckShield, said, “The theft seems to have happened due to a private key compromise.”

Jiang continued that the Harmony bridge is managed and secured by four multi-signature wallets and authentication from at least two of them is required to validate and execute a transaction. Popular play-to-earn game, Axie Infinity, which was on the Ronin hack when it occurred, has since made moves to protect its users from similar cases by requiring 5 out 9 validators to log off.

Bridges are particularly vulnerable to hacks, as their technology is complex and they are often run by anonymous teams. The way they safeguard funds is often unclear. The amount of money locked on bridges connected to the Ethereum blockchain declined 60% in the last 30 days, to less than $12 billion, per tracker Dune. 

The drop was triggered by a wider crypto market slump and liquidity concerns surrounding lender Celsius Network and crypto-focused hedge fund Three Arrows Capital.

Tags: Hackharmonyhorizon bridge
TweetShareShare
Previous Post

Eminem and Snoop Dogg Boast their Bored Ape NFTs in Hot New Music Video

Next Post

Harmony’s Native Token, ONE, Drops Nearly 10% after Bridge Hack

DON'T MISS THESE! HOT OFF THE PRESS

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself
CRYPTO

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape
CARDANO

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish
BITCOIN

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Load More

Related News

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.