Another criptome bridge hacked for $100 million

Another criptome bridge hacked for $100 million

Another criptome bridge that lets people swap coins betweenBlockchains got hacked today, this one for $100 million.

In a tweet, Harmony said that it has begun working with national authorities and forensic specialists to identify the culprit and recover the stolen funds after the hack of its Horizon bridge took place Thursday morning. This is the third major bridge hack this year. In February, hackers stole more than $300 million from the Wormhole bridge. In late March, the Ronin Bridge lost $620 million to hackers. The money stolen from bridges exceeded $1 billion, according to Chainalysis, even before the Harmony hack.

Bridges are particularly vulnerable to hacks because their technology is complex and they are often run by anonymous teams. The way they safeguard funds is often unclear. The amount of money on bridges connected to the Ethereum blockchain has declined by 60% in the last 30 days, to less than $12 billion, per tracker Dune. This has been triggered by a wider market slump and the concerns surrounding the lender Celsius Network and the hedge fund Three Arrows Capital.

The Age of Credibility for Central Banks is no longer over.