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Jun 24 - $100 million worth of crypto has been stolen in another major hack



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 2 months ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x53
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Jun 24 - $100 million worth of crypto has been stolen in another major hack
 

 
KEY POINTS
-Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge developed by crypto start-up Harmony.
-Bridges allow users to transfer tokens from one blockchain to another. They’ve become a prime target for hackers due to vulnerabilities in their underlying code.
-It follows a series of similar attacks on blockchain bridges, including the $600 million Ronin Network heist and the $320 million stolen from Wormhole.


image

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.


“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the start-up said in a tweet late Wednesday.

In a follow-up tweet, Harmony said it’s working with the Federal Bureau of Investigation and multiple cybersecurity firms to investigate the attack.

Blockchain bridges play a big role in the DeFi — or decentralized finance — space, offering users a way of transferring their a*sets from one blockchain to another. In Horizon’s case, users can send tokens from the Ethereum network to Binance Smart Chain. Harmony said the attack did not affect a separate bridge for bitcoin.

Like other facets of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.

Bridges “maintain large stores of liquidity,” making them a “tempting target for hackers,” according to Jess Symington, research lead at blockchain analysis firm Elliptic.

“In order for individuals to use bridges to move their funds, a*sets are locked on one blockchain and unlocked, or minted, on another,” Symington said. “As a result, these services hold large volumes of cryptoassets.”

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.


The security of the Horizon bridge hinged on a “multisig” wallet that required only two signatures to initiate transactions. Some researchers speculate the breach was the result of a “private key compromise,” where hackers obtained the password, or passwords, required to gain access to a crypto wallet.

Harmony was not immediately available for comment when contacted by CNBC.

It follows a series of notable attacks 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.

The heist adds to a stream of negative news in crypto lately. Crypto lenders Celsius and Babel Finance put a freeze on withdrawals after a sharp drop in the value of their a*sets resulted in a liquidity crunch. Meanwhile, beleaguered crypto hedge fund Three Arrows Capital could be set to default on a $660 million loan from brokerage firm Voyager Digital.

visit this link https://www.cnbc.com/2022 .. on-bridge.html
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50 comments
 

 2 months ago '21        #2
Tlatoani  topics gone triple plat - Number 1 spot x1
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Oof.
+5   

 2 months ago '20        #3
Jimmy2times 
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+3   

 2 months ago '17        #4
WHATEVERMAN 
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And with this reporting, cryptocurrency is dead.
+5   

 2 months ago '04        #5
ItAlY2BkLyN 
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+12   

 2 months ago '17        #6
justin747  topics gone triple plat - Number 1 spot x5
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sportsbook top 10



+6   

 2 months ago '04        #7
realkilla3 
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Exactly why crypto will never truly be a primary form of currency way too many great hackers and people with the money and time to be able to bring down any code or chain that's made.
+10   

 2 months ago '05        #8
Double M Set  topics gone triple plat - Number 1 spot x1
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 realkilla3 said
Exactly why crypto will never truly be a primary form of currency way too many great hackers and people with the money and time to be able to bring down any code or chain that's made.
sh*t, They Do Zelle And Individual Bank Accounts Too Question Is, Can These People Be Refunded? My Thoughts Are No Becuz Every Transaction Is Final On The Blockchain…They Can’t Just Credit An Account Nor Is It Insured
+10   

 2 months ago '19        #9
unit321  topics gone triple plat - Number 1 spot x30
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One of the "supposed" advantages of having crypto-currency is that no one can steal your crypto-money because of block-chain technology and its uniqueness.
Looks like someone done made a boo-boo.
+20   

 2 months ago '07        #10
stogz 
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Impossible!!!


Boxden told me in absolute terms that crypto cannot be stolen. That article does not even understand what the blockchain is.
+11   

 2 months ago '05        #11
bklyn 
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When they gonna learn......

 2 months ago '11        #12
bravo1914 
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I got called so many names when I warned people about crypto. Crypto was cool when people didnt know about it. So there was alot of money that was made. Now countries and their gov. systems are trying to put their hands in the pot. Hackers are ready to steal your sh*t at any moment.

I wouldnt be surprise if it was somebody that work for the gov who stole the money. They cant control it so why not try and k*ll it off. Just me thinking crazy
+3   

 2 months ago '15        #13
Shmoedog 
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Crypto regulation incoming
+3   

 2 months ago '17        #14
CamburyBXGreat 
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The funny part to me is why is it called crypto if they can trace who stole it.

In the early days it was alleged that it couldn't be.
+2   

 2 months ago '14        #15
consigliereA  topics gone triple plat - Number 1 spot x1
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 2 months ago '12        #16
Taste Maker 
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One of the crypto gurus I was following was selling his nikes on his story recently.

Not hating, we all have ups and downs.

Tough times for the crypto guys tho
+4   

 2 months ago '21        #17
nocomment  topics gone triple plat - Number 1 spot x9
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 ItAlY2BkLyN said

YOU KNOW WHATS NOT HACKABLE THE BITCOIN IN MY DRAWER

fu*kin noobs


 realkilla3 said
Exactly why crypto will never truly be a primary form of currency way too many great hackers and people with the money and time to be able to bring down any code or chain that's made.
post the latest bitcoin hack

 unit321 said
One of the "supposed" advantages of having crypto-currency is that no one can steal your crypto-money because of block-chain technology and its uniqueness.
Looks like someone done made a boo-boo.
wrong

 stogz said
Impossible!!!


Boxden told me in absolute terms that crypto cannot be stolen. That article does not even understand what the blockchain is.
nobody told you that

fu*k its worse than talking to five year olds


Last edited by nocomment; 06-25-2022 at 12:41 AM..
+5   

 2 months ago '14        #18
iDisrespectHoez 
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Being in the cybersecurity field will teach you anything can be broken into.
+8   

 2 months ago '06        #19
authenic 
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 Sin said
KEY POINTS
-Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge developed by crypto start-up Harmony.
-Bridges allow users to transfer tokens from one blockchain to another. They’ve become a prime target for hackers due to vulnerabilities in their underlying code.
-It follows a series of similar attacks on blockchain bridges, including the $600 million Ronin Network heist and the $320 million stolen from Wormhole.





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.




“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the start-up said in a tweet late Wednesday.

In a follow-up tweet, Harmony said it’s working with the Federal Bureau of Investigation and multiple cybersecurity firms to investigate the attack.

Blockchain bridges play a big role in the DeFi — or decentralized finance — space, offering users a way of transferring their a*sets from one blockchain to another. In Horizon’s case, users can send tokens from the Ethereum network to Binance Smart Chain. Harmony said the attack did not affect a separate bridge for bitcoin.

Like other facets of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.

Bridges “maintain large stores of liquidity,” making them a “tempting target for hackers,” according to Jess Symington, research lead at blockchain analysis firm Elliptic.

“In order for individuals to use bridges to move their funds, a*sets are locked on one blockchain and unlocked, or minted, on another,” Symington said. “As a result, these services hold large volumes of cryptoassets.”

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.




The security of the Horizon bridge hinged on a “multisig” wallet that required only two signatures to initiate transactions. Some researchers speculate the breach was the result of a “private key compromise,” where hackers obtained the password, or passwords, required to gain access to a crypto wallet.

Harmony was not immediately available for comment when contacted by CNBC.

It follows a series of notable attacks 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.

The heist adds to a stream of negative news in crypto lately. Crypto lenders Celsius and Babel Finance put a freeze on withdrawals after a sharp drop in the value of their a*sets resulted in a liquidity crunch. Meanwhile, beleaguered crypto hedge fund Three Arrows Capital could be set to default on a $660 million loan from brokerage firm Voyager Digital.


Theres so many flaws in evm....I personally like Algorand because it has its own code. However a bridge to eth and btc just went live this month so I will be watching this...but thats why humans need regulation...for retail protection

 2 months ago '17        #20
justin747  topics gone triple plat - Number 1 spot x5
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 nocomment said
YOU KNOW WHATS NOT HACKABLE THE BITCOIN IN MY DRAWER

fu*kin noobs




post the latest bitcoin hack



wrong



nobody told you that

fu*k its worse that talking to five year olds



-1   

 2 months ago '06        #21
authenic 
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 CamburyBXGreat said
The funny part to me is why is it called crypto if they can trace who stole it.

In the early days it was alleged that it couldn't be.
it use encryption hence the crypto....and u dont really know who on the blockchain more applicable term is where funds are routed to i.e. address
+2   

 2 months ago '21        #22
nocomment  topics gone triple plat - Number 1 spot x9
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 iDisrespectHoez said
Being in the cybersecurity field will teach you anything can be broken into.
can you break Bitcoin?

 2 months ago '12        #23
Taste Maker 
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If I knew how to get 100m in crypto I would probably do it but I still type with 2 fingers and post on boxden so..
+2   

 2 months ago '05        #24
youngsolja561  topics gone triple plat - Number 1 spot x1
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They should make a documentary on the people that were once rich of bitcoin and now have gone broke
+2   

 2 months ago '06        #25
authenic 
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 youngsolja561 said
They should make a documentary on the people that were once rich of bitcoin and now have gone broke
Theres docs on yt
+2   



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