The Horizon Bridge Harmony’s layer-1 blockchain bridge suffered a total of $100 million in altcoin hacks, and all of the tokens were subsequently converted to Ethereum (ETH).
The resulting hack reflects a previously cited community concern about the multisig two-quarter standard used to secure Bridge.
This happened from approximately 07:08 AM to 07:26 AM ET, with a total of 11 transactions being transacted through different tokens on the Bridge with the tokens being transferred to different wallets. To convert all tokens to ETH on decentralized exchange Uniswap (DEX), then transfer ETH coins back to their original wallet.
So far, the tokens hacked from the vulnerability include Frax (FRAX), Wrapped Ether (WETH) Aave (AAVE), SUSHI (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD), Dai (DAI), Tether (USDT), Wrapped BTC (WBTC) and USD Coin (USDC).
The Horizon Bridge is a connecting bridge that facilitates In a token transfer between Harmony Blockchain, Ethereum, Binance Chain, and Bitcoin, Bridge operator announced on June 23 that Bridge has suspended all Bridge services, stating that BTC bridge and Bitcoin are not affected. from this attack
The Harmony team added that they are working with “National agencies and forensic experts” to decide who is responsible. And related details will be updated soon.
Some experts have previously voiced concerns about the security standard of Horizon multisig wallets on Ethereum, requiring only two-fourths of the signature to access the project’s funding. Lave by Founder of Ape Dev, Chainstride Capital’s Crypto-Focused Venture Fund notedOn Twitter on April 2, it said the small number of multisig signers would open a vulnerability to the bridge “with a random 9-digit hack.”
Ape Dev’s predictions seem to have come true. Today, The Horizon bridge has lost over $100 million from the hack.