Another decentralized finance (DeFi) protocol is a prey to exploits. The Harmony Protocol was popular with DeFi users last year when the DeFi space blossomed. But now it follows the same fate as many protocols in the universe. On Friday, the protocol announced that the criminal was the victim of the theft, which robbed about $ 100 million of cryptocurrencies.
DeFi platform suffers from hacks
The Harmony Protocol has announced via Twitter that the platform has been hacked. The tweet explains that the Horizon Bridge was stolen early in the morning. There was a total of $ 100 million sucked up from the Ethereum network. The attacker moved all the funds to a single wallet. At the time of writing this article, the funds are still in the wallet with a balance of 85,867 ETH.
1 / The Harmony team confirmed the theft that occurred at the Horizon Bridge this morning. 100 million dollars. We have begun working with national authorities and forensic experts to identify the perpetrators and recover the stolen funds.
More ?
— Harmony ? (@harmonyprotocol) June 23, 2022
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Following this exploit, Harmony has informed various exchanges to shut down the Horizon Bridge. This means that users cannot execute transactions on this bridge. However, you can also prevent an attacker from continuing the exploit.
The protocol assured the public that the team was working with authorities to identify the people behind the theft. This includes working with the FBI and various cybersecurity companies according to follow-up tweets posted by the protocol.
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In another tweet, Harmony emphasized the ever-increasing need for unreliable decentralized bridges. So everyone is needed to build technology.
Unreliable distributed bridges are more important than ever. It’s all hands-on decks as we continue to build these technologies.
An unreliable bridge like our existing #Bitcoin Bridge and future unreliable # Ethereum Bridges are paramount to decentralization and security.
— Harmony ? (@harmonyprotocol) June 24, 2022
Protocols aren’t the only DeFi platform to succumb to exploits this year. In the first quarter of this year alone, the DeFi protocol lost more than $ 1.2 billion. Since this is a relatively young space, more exploits are expected to occur.
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The Ronin Bridge Hack is the biggest hack ever in DeFi history, breaking the previous PolyNetwork record when hackers robbed the network of more than $ 600 million.
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