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Hackers Steal $100M in Crypto From Harmony Blockchain Bridge

    Hackers Steal $100M in Crypto From Harmony Blockchain Bridge
    Last updated: 2 months ago
    Image credit: Getty Images [via TechCrunch]

    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." [1]
    • Harmony didn't provide specific details surrounding the asset heist but stated that it believed a single individual account was responsible. [2]
    • The company said that it was working with the FBI and forensic experts to "identify the culprits and retrieve the stolen funds." Harmony has also notified Horizon Bridge to stop further transactions. [3]
    • This latest theft comes on the heels of a series of attacks on crypto bridges in the first three months of this year, including heists on Crypto.com, Wormhole, and Ronin Network. Approximately $1.3B in total assets has been stolen from bridges between Jan. and Mar. 2022, according to an estimate by Chainanalysis. [4]
    • According to Harmony's website, there's currently over $51M worth of Binance Coin and Ethereum held within Horizon's main bridge. Another bridge between Bitcoin and Ethereum is currently being beta tested. [5]
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    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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