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The Horizon Bridge to the Harmony layer-1 blockchain has been abused for the exchange of $100 million in cryptocurrencies for Ether (ETH). The hack may validate community-raised worries about the resilience of the two-of-four multisig that supposedly protects the bridge.
From around 7:08 a.m. until 7:26 a.m., eleven transactions involving various tokens were conducted across the bridge. Since then, they have begun sending tokens to a separate wallet to trade them for ETH on the Uniswap decentralized exchange (DEX), then sending the ETH back to the original wallet.
Frax (FRAX) and Wrapped Ether (WETH). AAG (AAG), Binance USD, Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG) (BUSD). Through this vulnerability, Dai (DAI), Tether (USDT), Wrapped BTC (WBTC), and USD Coin (USDC) has been taken from the bridge.
The Horizon Bridge enables token transfers between the Harmony network, Ethereum, Binance Chain, and Bitcoin. The operator of the bridge, Harmony, confirmed the bridge’s closure late on June 23. It was said that the attack harmed neither the BTC bridge nor its assets.
In addition, the Harmony team stated that it was collaborating with “national authorities and forensic professionals” to identify the culprits. A post-mortem examination is inevitable.
Nick White, co-founder of Harmony, and its developers did not reply to calls for comment. Harmony is a layer-1 blockchain with a consensus based on proof of stake. One is its native token.
Concerns had already been raised over the security of Horizon’s multisig wallet on Ethereum, as just two of the four signatories were necessary to withdraw funds. Ape Dev, the founder of the crypto-focused investment company Chainstride Capital, tweeted on April 2 that the low number of needed signers would leave the bridge vulnerable to “another nine-figure breach.”
Ape Dev’s prognosis looks to have come true, as the bridge’s assets have decreased by $100 million. He is not the only crypto developer with security concerns regarding token bridges.
In January of this year, Vitalik Buterin outlined the challenges with token bridges in a Reddit article. According to his theory, bridges are abused, undermining each impacted chain’s liquidity. According to his statement, as the number of token bridges rises, the potential of a 51 percent assault on one chain might pose a more considerable contagion risk to others.
Since his forecast, Meter’s token bridge, Axie Infinity’s Ronin Bridge, and the Wormhole Bridge have all been abused for roughly $1 billion in total.
Multisigs continue to pose a security risk in assaults. Nine validators protected the Ronin Bridge, yet only five were necessary to validate a transaction. The attacker seized control of the requisite five validators and stole assets worth over $600 million.
The market does not appear to have yet responded to the attack since the values of the aforementioned coins and tokens have not changed much. However, ONE has been down 7.4% in the last 24 hours, with most of the decline occurring in the previous 5 hours. CoinGecko reports that the price is $0.024.