An Ethereum (ETH) competitor is taking a huge hit after hackers drained about $ 100 million worth of cryptocurrency from its cross-chain bridge.
The Harmony (ONE) team says the breach occurred on the morning of June 24 on the Horizon Bridge, which allows users to move crypto assets between Ethereum, Binance Smart Chain and Harmony.
“Harmony’s team has identified a theft of approximately $ 100 million this morning on the Horizon Bridge. We started working with national authorities and forensic scientists to identify the culprit and retrieve the stolen funds.
Harmony peaked at $ 0.0268 on June 23, before falling to a low of $ 0.0236 on June 24, down almost 12% in a matter of hours. Since then, ONE has bounced back and is trading at $ 0.025 at the time of writing.
According to blockchain analysis firm Elliptic, $ 99.7 million in cryptocurrencies have been stolen from Binance Smart Chain and Ethereum blockchains.
Elliptic also says the stolen assets include the two blockchain’s own tokens and various stable coins designed to support the US dollar fixation.
“Various assets were taken, including ETH, BNB, Tether (USDT), USD Coin (USDC) and Dai (DAI). The stolen tokens have already been exchanged for ETH through decentralized exchanges – a common technique with these hacks.
According to Elliptic, the Harmony team appears to be open to dialogue with the entity responsible for the theft, based on a message embedded in an Ethereum transaction reading,
“The Harmony team is interested in communication and negotiation. Please contact security@harmony.one to start a call. Communication may be anonymous. “
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