Horizon Ethereum Bridge Hacked For $100M, Concord Drops 10%

The Horizon Ethereum bridge obtained hacked out of $100 million in altcoins changing into the newest cross-chain bridge to get by an exploit so let’s learn extra at present in our newest cryptocurrency information.

The Horizon Ethereum bridge obtained attacked by hackers they usually managed to steal $100 million in cryptocurrency. The exploit was revealed in a tweet through the early hours of Friday morning. The staff revealed that it had recognized a theft taking place this morning amounting to about $100 million. It went on so as to add the addresses of the perpetrator have been recognized and that the Concord staff is working with authoriteis to retrieve the stolen funds.

1/ The Concord staff has recognized a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We’ve begun working with nationwide authorities and forensic specialists to determine the perpetrator and retrieve the stolen funds.

Extra ?

— Concord ? (@harmonyprotocol) June 23, 2022

In a tweet, Concord famous that it’s working across the clock with the assistance of the FBI and different cyber safety firms. The tokens like Wrapped Ethereum, SUSHI, DAI, Tether, AAve, and USD Coin have been stolen from the bridge and obtained swapped for Ethereum. Concord additionally said that it has stopped the bridge to forestall additional transactions and famous that the exploit doesn’t have an effect on the BTC bridge:

 “Its funds and belongings saved on decentralized vaults are protected presently.”

Concord’s ONE token dropped by over 10% within the day and it’s now altering palms for $0.02426. Concord goals to unravel the Blockchain trilemma of balancing scalability with safety and decentralization and the Horizon cross-chain function permits holders to maneuver between Concord’s community and the ETH community, Bitcoin, and Binance Chain. That is the newest in a sequence of exploits that ended up stealing lots of of thousands and thousands of {dollars} from the cross-chain bridges in January we noticed the Qubit Finance bridge getting hacked for $80 million and a month later, the Wormhole bridge obtained attacked for $320 million. Each hacks have been dwarfed however the March 2020 hack of the Axie Infinity Ronin Bridge drained $622 million in USDC and ETH.

As just lately reported, The blockchain platform Concord launched the Bored Ape Yacht Membership NFT passport runs on the Ethereum community and claimed to have two-second transaction finality and the charges 1000 instances decrease than ETH which was introduced through the launch of the passport. The Passport permits customers to import proof of their apes into the DEFI kingdoms as a play-to-earn sport constructed on the Concord blockchain with greater than 120,000 month-to-month lively customers.