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Seeking Alpha 2022-06-24 11:43:32

Harmony blockchain discloses $100M theft from Horizon cryptocurrency bridge

Hackers stole ~$100M from the Horizon bridge, Harmony blockchain said late Thursday via tweet, underscoring the vulnerability of the bridges that allow platforms to accept a number of cryptocurrency tokens and move them between blockchain networks.. Specifically, the Horizon bridge allows the exchange of crypto assets between Ethereum, Binance Smart Chain and Harmony blockchains. The blockchain team notified exchanges and stopped the Horizon bridge to prevent further transactions, it said. It's also working with "national authorities and forensic specialists to identify the culprit and retrieve the stolen funds." The FBI and multiple cyber security firms are investigating the breach, it added. Harmony also said the theft doesn't affect its trustless Bitcoin (BTC-USD) bridge. "Its funds and assets stored on decentralized vaults are safe at this time." The Harmony token (ONE-USD) has dropped 9.9% in the past 24 hours to $0.02. Its blockchain has ~$1.09B total value locked, according to its website. The

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