Breaking: Harmony’s Horizon Bridge hacked for $100M

The Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins which are being swapped for Ether (ETH). The hack may vindicate previously raised community concerns about the robustness of the two of four multisig that reportedly secures the bridge. Starting at about 7:08 am EST until 7:26 am EST, 11 transactions were made from the bridge for various tokens. They have since begun sending tokens to a different wallet to swap for ETH on the Uniswap decentralized exchange (DEX), then sending the ETH back to the original wallet. So far, Frax (FRAX), Wrapped Ether (wETH). Aave (AAVE), SushiSwap (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD), Dai (DAI), Tether (USDT), Wrapped BTC (wBTC) and USD Coin (USDC) have been stolen from the bridge through this exploit. The Horizon Bridge facilitates token transfers between Harmony and the Ethereum network, Binance Chain and Bitcoin. Harmony, the operator of the bridge, announced late on Thursday that the bridge has been halted. It said the BTC bridge and its assets have not been affected by the attack. The Harmony team also said it was working with “national authorities and forensic specialists” to determine who was responsible. A post-mortem is sure to follow.

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