Hackers Steal $100M in Crypto From Harmony Blockchain Bridge

Photo: Getty Images [via TechCrunch]

The Facts

  • A hacker has stolen $100M from Harmony's Horizon Bridge - which allows users to transfer crypto assets from one blockchain to another - in what Harmony has described as a "malicious attack."

  • Harmony didn't provide specific details surrounding the asset heist but stated that it believed a single individual account was responsible.

The Spin

Narrative A

Despite continued worries surrounding the security of crypto bridges, the market has managed to shrug off the impact of another attack. This is a positive sign for the crypto market more broadly, despite its struggles with security and demand in recent months.

Narrative B

This heist has once again revealed the severity of security issues in the crypto market. The absence of a strong regulatory framework has allowed hackers to turn crypto markets into their playground and their attacks could drag the market to a complete halt.

Nerd narrative

There is a 50% chance that Bitcoin will make up at least 31.6% of the total crypto market in 2025, according to the Metaculus prediction community.

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