A popular cross-chain protocol, Harmony Horizon Bridge, has reportedly suffered exploitation, leading to a loss of about $100 million in altcoins. The protocol confirmed the development in a tweet conveyed via its official handle on Friday.
1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.
— Harmony 💙 (@harmonyprotocol) June 23, 2022
Before this exploitation, community members of the protocol raised concerns about the efficiency of two of the four multi-securing bridges.
Now, the team traced and shared the account of the exploiter, which possesses about $99 ether. According to Harmony Horizon Bridge, the exploitation began at 7:08 AM till 7:26 AM ET.
Furthermore, the protocol says the exploiter carried out 11 transactions from the bridge for numerous tokens. The Harmony Horizon Bridge team also revealed that the exploiters have started relaying the stolen tokens to a different wallet for swapping.
As revealed, the exploiter intends to convert the assets to ether on Uniswap exchange before resending them to his wallet. The team has announced its plan to undergo a post-mortem to discover the circumstances.
In August 2021, an exploiter raked over $611 million after hacking the cross-chain decentralized finance (DeFi) protocol poly network. Nevertheless, most of the carted funds were recovered.