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Business

Ethereum rival falls as hackers drop around $ 100,000,000 from the crypto bridge




An Ethereum competitor (ETH) gets a massive blow after hackers lost $ 100 million worth of cryptocurrencies from their cross-chain bridge.

The Harmony (ONE) team sier The breach occurred on the morning of June 24 on the Horizon Bridge, which allows users to move cryptocurrencies between Ethereum, Binance Smart Chain and Harmony.

“The Harmony team has identified a $ 100 million theft this morning on the Horizon Bridge. We have begun working with national authorities and forensic specialists to identify the culprit and recover the stolen funds.”

Harmony peaked at $ 0.0268 on June 23 before falling to a low of $ 0.0236 on June 24, down almost 1[ads1]2% in a matter of hours. ONE has since jumped and traded at $ 0.025 at the time of writing.

According to blockchain analysis firm Elliptic, cryptocurrencies were worth $ 99.7 million stolen from the Binance Smart Chain and Ethereum blockchains.

Elliptical too sier the stolen assets include the original tokens of the two blockchains and various stack coins designed to maintain a US dollar bond.

“A number of assets were seized, including ETH, BNB, Tether (USDT), USD Coin (USDC) and Dai (DAI). The stolen tokens have now been exchanged for ETH using decentralized exchanges – a common technique with these hacks.”

According for Elliptic, the Harmony team appears open to having a dialogue with the device responsible for the robbery based on a message embedded in an Ethereum transaction reading,

The Harmony team is interested in communicating and negotiating. Contact security@harmony.one to start a conversation. Communication can be anonymous. “

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