Hackers have managed to steal $100 million from a cryptocurrency bridge. This is an app that allows people to exchange crypto coins between blockchains. It is the third successful major cryptocurrency hack this year.
Horizon Bridge has been attacked
Harmony is an open blockchain that runs Ethereum applications. They reported this morning that the hack took place on their bridge called Horizon. In a series Tweets the company said the following:
We have started working with national authorities and forensic specialists to identify the perpetrator and recover the stolen funds
Third major crypto hack
This makes it the third largest crypto-related hack of the year. In February, hackers stole more than $300 million from Wormhole, and more than $600 million was stolen from the Ronin Bridge in late March.
Such bridges are widely used. Several billion dollars in crypto coins have been exchanged through such bridges. It is not entirely unexpected that this makes it a potential target for hackers.
Crypto Hacks in Past Years
In total, more than $11 billion worth of cryptocurrencies has been stolen over the past 9 years. Last year, in 2021, the number of hacks peaked. At least 8 companies experienced cyber breaches this year where cryptocurrencies were stolen. This year is expected to be lower in this regard.
The most commonly used method for such cyber-attacks are phishing attacks and viruses. This attempts to steal as much user data as possible, which is also successful in many cases. With this data, they can then often access crypto accounts and steal any funds on them.
The Horizon Bridge is currently shut down to stop further malicious transactions. In the meantime, a lot of attention is being paid to where exactly the problem lies and how this problem can be solved.