LAYER-1 BLOCKCHAIN THE BIGGEST LINK GOT EXPLOITED
Horizon Bridge to the Harmony layer-1 blockchain has been exploited with $ 100 million Ether (ETH) exchanges.
The robbery may confirm the previously raised public concern about the durability of the two multisig species reportedly protecting the bridge.
From about 7:08 am to 7:26 am ET, 11 payments were made from the bridge of various tokens. They have since started sending tokens to a different fund to convert ETH to Uniswap (DEX) exchanges, and then return ETH to the original fund.
To date, Frax (FRAX), Ether Ether (WETH). Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD). Dai (DAI), Tether (USDT), BTC Fold (WBTC), and USD Coin (USDC) have been stolen from the bridge over this exploitation.
Horizon Bridge facilitates the transfer of tokens between Harmony and the Ethereum network, Binance Chain and Bitcoin. Harmony, who works on the bridge, announced late June 23 that the bridge had been suspended. He said the BTC bridge and its property were not affected by the attack.
The Harmony team also said it was working with "national authorities and intelligence experts" to find out who was doing this. An autopsy will definitely follow.
The developers and founder of Harmony Nick White did not respond to requests for comment. Harmony is a level 1 blockchain that uses stack proof compatibility. Its native token is ONE.
Concerns have been raised earlier about the sound of the Horizon multisig wallet on Ethereum that required only two of the four signatories to withdraw funds. Chainstride Capital crypto-focused venture fund founder Ape Dev noted on Twitter on April 2 that a low number of signatories needed would leave the bridge open for "another 9-figure theft."
Ape Dev's prediction seems to have come true as the bridge is now well worth $ 100 million in assets.
It is far from the only crypto engineer to have problems with the security of token bridges.
Vitalik Buterin discussed issues with token bridges in a Reddit post this January. He pointed out that if bridges are exploited, it threatens to run out of money for each of the series involved. He added that as the number of token bridges increased, the threat of a 51% attack on a single chain could pose a significant risk of infection to others.
Since his prediction, the Meter token bridge, Axie Inifinity's Ronin Bridge and Wormhole Bridge have been estimated to be worth $ 1 billion.
Multisigs are an ongoing security issue against attacks. The Ronin Bridge was protected by nine guarantors, of whom only five were needed to secure the transaction. The attacker controlled five required warrants and issued more than $ 600 million in assets.