- Horizon has been hacked for $100 million whereas stewards of the bridge mentioned they’re working with authorities to determine the attacker
- Funds and property from the Bitcoin bridge stay unaffected as they’re saved in decentralized vaults, Concord’s workforce mentioned
Horizon Bridge, a cross-chain interoperability platform between Ethereum, Binance Good Chain (BSC) and Concord blockchain networks, has been hacked for $100 million.
The Harmony team, stewards of the bridge, mentioned Thursday it has been made conscious of the theft and has begun working with nationwide authorities in addition to forensic specialists to determine the attacker in an try to retrieve the stolen funds.
The workforce additionally mentioned the hack didn’t impression the trustless Bitcoin bridge as funds and property are saved on decentralized vaults and are thought of “secure presently.”
Horizon Bridge claims to be totally audited by blockchain safety agency Peckshield. Blockworks tried to contact Concord however is but to obtain a response.
It’s the newest in a string of hacks in opposition to protocols, bridges and initiatives together with a $20 million theft from Ethereum scaling resolution Optimism earlier this month and a $320 million hack in opposition to Solana bridge Wormhole in February. Ethereum-linked sidechain Ronin Network – used for blockchain recreation Axie Infinity – additionally suffered a hack in April with a whopping $620 million stolen.
Horizon allows cross-chain transfers of digital property between Ethereum and Concord, in addition to BSC, through a set of sensible contracts deployed throughout these three chains. Customers holding property together with stablecoins, ERC-20 tokens or Binance’s BEP-20 tokens can trade them for corresponding property on Concord for a 1:1 ratio.
In a later tweet update on Thursday, Concord’s workforce mentioned it had recognized the hacker’s pockets tackle. The address has a stability of roughly 85,837 ether or round $98 million at time of writing.
“We’ve got additionally notified exchanges and stopped the Horizon bridge to forestall additional transactions. The workforce is all palms on deck as investigations proceed,” the workforce mentioned.
Additional updates are anticipated within the coming hours. It is a growing story and can be up to date accordingly.
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