Hackers Steal $100 Million In Cryptocurrency

Hackers Steal $100 Million In Cryptocurrency
Hackers Steal $100 Million In Cryptocurrency

In a major hack, hackers stole $100 million in cryptocurrencies from Horizon, a blockchain bridge, as the industry battles crashes and sell-offs. According to CNBC, the details of the crash are hazy, but the blockchain stated that the theft was discovered on Wednesday, June 22, 2022. The company has identified a potential account that it believes is the perpetrator.


Harmony has begun working with national authorities to identify the perpetrator and recover the stolen funds, according to a tweet from the company.


In another tweet, the company stated that it is collaborating with the FBI and a number of cybersecurity experts to investigate the attack.


Blockchain bridges are critical components of the DeFi ecosystem because they allow users to transfer assets from one blockchain to another. In the case of Harmony, users can send tokens from the Ethereum network to the Binance Smart Chain.


DeFi aims to rebuild traditional financial services such as loans and investments on the blockchain, as bridges have become a popular target for hackers due to flaws in their underlying code.


They also keep large amounts of cash on hand, which makes them appealing targets for hackers, according to Jess Symington.