The A to Z of the $100m hack of Harmony’s Horizon Bridge
The multi-chain or cross-chain technology seems to be the new playing ground for hackers given the sheer rise. Users want to transact with other blockchains by leveraging bridges to different ecosystems. Nonetheless, several famed individuals such as Ethereum co-founder and developer Vitalik Buterin raised concerns about the same.
In his argument, Buterin cited the “fundamental security limits of bridges” as the key reason for his disapproval of a cross-chain environment. Yet, here we are.
The Harmony blockchain network is the recent victim to have succumbed to yet another cross-chain bridge exploit. Horizon, its cross-chain bridge to Ethereum, suffered an exploit worth nearly $100 million in ETH. The team alerted users on Twitter in a 24 June tweet that read,
<p lang=«en» dir=«ltr» xml:lang=«en»>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
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