An Ethereum (ETH) competitor is enjoying great success after hackers drained approximately $ 100 million in cryptography from its cross-chain bridge.
The Harmony (ONE) team says the breach occurred on the morning of June 24 at the Horizon Bridge, which allows users to move cryptographic assets between Ethereum, Binance Smart Chain and Harmony.
“Harmony’s team has identified a theft that occurred this morning on the Horizon Bridge for approximately $ 100 million. We have begun working with national authorities and forensic specialists to identify the culprit and recover the stolen funds. “.
Harmony hit a high of $ 0.0268 on June 23 before falling to a low of $ 0.0236 on June 24, a drop of nearly 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 analytics firm Elliptic, $ 99.7 million worth of cryptographic assets were stolen from Binance’s smart chain and Ethereum’s blockchains.
Elliptical also says the stolen assets include the native tokens of the two blockchains and several stable currencies designed to maintain a fixation on the U.S. dollar.
“Several assets have been seized, including ETH, BNB, Tether (USDT), USD Coin (USDC) and Dai (DAI). The stolen tokens have now been exchanged for ETH through decentralized exchanges, a technique commonly seen with these pirates “.
According to Elliptic, Harmonia’s team seems open to maintaining a dialogue with the entity responsible for the theft based on a message embedded within an Ethereum transaction reading.
“The Harmonia team is interested in communicating and negotiating. Contact security@harmony.one to start a conversation. Communication can be anonymous.
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