Hackers steal almost $100 million from a crypto exchange that competes with Ethereum

The cross-chain bridge of an Ethereum (ETH) rival has been emptied of around $100 million worth of cryptocurrency by hackers.

The Harmony (ONE) team reports that the breach happened on the Horizon bridge, which allows users to transfer crypto-assets between Ethereum, Binance Smart Chain, and Harmony, on the morning of June 24.

“The Harmony team has discovered a heist of around $100 million that occurred on the Horizon bridge this morning. We have begun collaborating with national authorities and forensic experts to locate the perpetrator and recover the stolen monies.

Harmony touched a high of $0.0268 on June 23 and a low of $0.0236 on June 24, a decline of over 12 percent in less than 24 hours. ONE has subsequently rebounded and is now trading at $0.025 as of the time of this writing.

Elliptic, a blockchain analytics company, reports that $99.7 million worth of cryptocurrencies were stolen from the Binance Smart Chain and Ethereum blockchains.

Elliptic further claims that the stolen assets include the native tokens of the two blockchains and a variety of stablecoins meant to preserve parity with the US currency.

“Several assets, including ETH, BNB, Tether (USDT), USD Coin (USDC), and Dai, were stolen” (DAI). The stolen tokens have been exchanged for ETH using decentralized exchanges, which is a regular occurrence with these types of thefts.”

Elliptic reports that, based on a message encoded inside an Ethereum transaction, the Harmony team is willing to engage in communication with the party responsible for the theft.

“The Harmony team is focused on negotiation and communication. Please contact [email protected] to initiate communication. “Communication is anonymously possible.”

Also Read: A US State Passes A Law That Lets Financial Institutions Offer Custody Services For Crypto