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Crypto firm Harmony hit by $100 million heist raising more questions over DeFi security

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euronews.com

Thieves stole around $100 million (€95 million) worth of cryptocurrency from Horizon, a blockchain bridge developed by US crypto start-up Harmony, the latest in a string of cyber heists on a sector long targeted by hackers, the company said on Friday.Harmony develops blockchains for so-called decentralised finance - peer-to-peer sites that offer loans and other services without the traditional gatekeepers such as banks - and non-fungible tokens.The California-based company said the heist hit its Horizon "bridge," a tool for transferring crypto between different blockchains - the underlying software used by digital tokens such as bitcoin and ether.Thefts have long plagued companies in the crypto sector, with blockchain bridges increasingly targeted.

Over $1 billion (€950 million) has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic.A bridge is a protocol that allows users to "bridge" or move assets such as cryptocurrencies, tokens and NFTs across different blockchains.

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