$100 million. That is the most recent haul from yet one more profitable crypto heist carried out by hackers discovering a weak spot to use.
Concord, a blockchain bridge that helps facilitate transfers between totally different cryptocurrency tokens, just lately announced that $100 million in cryptocurrency was stolen from its Horizon bridge on Thursday morning. In a weblog post detailing the occasions, Concord defined that its Horizon Ethereum Bridge fell sufferer to a “malicious assault.”
“A number of transactions occurred that compromised the bridge with 11 transactions that extracted tokens saved within the bridge,” reads Concord’s assertion.
Blockchain analytics agency Elliptic advised Techcrunch that quite a few totally different cryptocurrency tokens had been stolen because of the compromised bridge. In response to Elliptic, Ethereum, Binance Coin, Tether, USD Coin and Dai had been all a part of the hackers’ haul. The stolen tokens have already been transformed to Ethereum by the hacker through crypto exchanges.
Concord says it contacted the FBI in addition to cybersecurity and alternate companions. Concord additionally says that its Bitcoin bridge wasn’t affected by the exploit.
Whereas Concord has not but shared particulars of the exploit, Twitter consumer Ape Dev pointed out a weak spot within the safety of the bridge as early as April. In response to Ape Dev, hackers solely wanted to realize entry to 2 multisig personal keys to authorize the switch of funds.
That is removed from the primary time a blockchain bridge weakness was exploited by dangerous actors. The truth is, this $100 million misplaced right here is definitely on the low-end compared to another thefts from simply this 12 months alone.
Play-to-earn recreation Axie Infinity had its Ronin blockchain bridge hacked in March leading to a whopping $615 million in stolen belongings. Only a month earlier, the Wormhole bridge was compromised, resulting in $320 million in losses.