Harmony Protocol’s Horizon Bridge was hacked for about $100 million, Harmony Protocol’s Twitter account announced. Metaverse software company, AAG Ventures, took the major brunt. Out of the approx. $100 mln lost in the hack, AAG lost $84 mln.
Now, AAG has announced that they were able to freeze $78 mln out of the 84 million that they lost.
The Harmony Hack Explained
The Harmony protocol announced that they have stopped the Horizon bridge to ensure the safety of the remaining funds. They revealed that they started working with authorities and forensics experts to retrieve the amount.
Harmony published the exploiter’s Ethereum address and disclosed that the trustless BTC bridge was not impacted. In a separate Tweet, they called for a joint effort to build more trustless bridges which would provide higher security.
Mudit Gupta, a security researcher and CISO of Polygon, revealed that the Horizon Bridge was using a multi-signature mechanism to reach consensus. Out of the 5 signatures, if any 2 agreed on a transaction, it would go through. The exploiter apparently compromised 2 signatures and was able to drain $100M.
