Ethereum competitor collapses as hackers drain nearly $100,000,000 from its crypto bridge

One of the competitors of Ethereum (ETH) received a huge success after hackers drained nearly $100 million in cryptocurrency from an on-chain bridge.

Team Harmony (ONE) Says The hack occurred on the morning of June 24 on the Horizon Bridge, which enables users to transfer crypto assets between EthereumBinance and Harmony smart chain.

The Harmony team has identified a robbery that occurred this morning on the Horizon Bridge valued at approximately $100 million. We have begun working with national authorities and forensic specialists to identify the culprit and recover the stolen funds.”

harmony It recorded a high of $0.0268 on June 23 before falling to a low of $0.0236 on June 24, a drop of nearly 12% in a matter of hours. ONE has since bounced back and is trading at $0.025 at the time of writing.

According to the blockchain analytics firm Elliptic, the crypto assets were worth $99.7 million stolen From Binance Smart Chain and Ethereum blockchains.

Elliptical too Says The stolen assets include the original tokens of the two hacked blocks and several stablecoins designed to maintain the peg to the US dollar.

“A variety of assets have been hacked, including ETH, BNB, Tether (USDT), USD Coin (USDC) and Dai (DAI). The stolen tokens have now been exchanged for ETH using decentralized exchanges – a common technology with these hacks. “.

as As for Elliptic, it appears that the Harmony team is open to a dialogue with the entity responsible for the theft based on a message embedded in the Ethereum transaction readout.

“The Harmony team is interested in communication and negotiation. Please contact [email protected] to start a conversation. The connection can be anonymous.”

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