"$100 Million Worth of Crypto Has Been Stolen in Another Major Hack"

It has recently been discovered that hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge, in the latest major heist in the world of decentralized finance.  Details of the attack are still slim, but Harmony, the developers behind Horizon, said they identified the theft Wednesday morning.  Harmony singled out an individual account it believes to be the culprit.  The company has begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.  Blockchain bridges play a significant role in the DeFi space, offering users a way of transferring their assets from one blockchain to another.  In Horizon’s case, users can send tokens from the Ethereum network to Binance Smart Chain.  The company noted that the attack did not affect a separate bridge for bitcoin.  Bridges have become a prime target for hackers due to vulnerabilities in their underlying code.  Jess Symington, research lead at blockchain analysis firm Elliptic stated that bridges “maintain large stores of liquidity,” making them a “tempting target for hackers.”  Harmony has not revealed exactly how the funds were stolen.  However, one investor had raised concerns about the security of its Horizon bridge as far back as April.  This cyberattack follows a series of notable cyberattacks on other blockchain bridges.  The Ronin Network, which supports crypto game Axie Infinity, lost more than $600 million in a security breach that took place in March.  Wormhole, another popular bridge, lost over $320 million in a separate hack a month earlier.

CNBC reports: "$100 Million Worth of Crypto Has Been Stolen in Another Major Hack"