😳 The Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins which are being swapped for Ether.
The Horizon Bridge facilitates token transfers between Harmony and the Ethereum network, Binance Chain and Bitcoin. Harmony, the operator of the bridge,late on Thursday that the bridge has been halted. It said the BTC bridge and its assets have not been affected by the attack.
The Harmony team also said it was working with “national authorities and forensic specialists” to determine who was responsible. A post-mortem is sure to follow. The developers and the co-founder of Harmony, Nick White, did not respond to requests for comment. Harmony is a layer-1 blockchain using proof-of-stake consensus. Its native token is ONE.
Concerns have previously been expressed as to the soundness of Horizon’s multisig wallet on Ethereum, which only required two out of the four signees to drain the funds. A founder of Chainstride Capital crypto-focused venture fund Ape Devon Twitter on April 2 that the low number of required signers would leave the bridge open for “another 9 figure hack.”
The security of the bridge is currently predicated on a multisig wallet deployed at 0x715CdDa5e9Ad30A0cEd14940F9997EE611496De6. It has four owners, two of which are required to consent in order to execute an arbitrary transaction .
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