August 20, 2022

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One other day, one other crypto heist: Hacker steals US$100 million from Concord blockchain bridge

US$100 million. That is the most recent haul from one more profitable crypto heist carried...

US$100 million. That is the most recent haul from one more profitable crypto heist carried out by hackers discovering a weak point to take advantage of.

Concord, a blockchain bridge that helps facilitate transfers between totally different cryptocurrency tokens, lately announced that US$100 million in cryptocurrency was stolen from its Horizon bridge on Thursday morning. In a weblog put up detailing the occasions, Concord defined that its Horizon Ethereum Bridge fell sufferer to a “malicious assault.”

“Multiple transactions occurred that compromised the bridge with 11 transactions that extracted tokens stored in the bridge,” reads Harmony’s statement.

Blockchain analytics firm Elliptic told Techcrunch that numerous totally different cryptocurrency tokens have been stolen because of the compromised bridge. In accordance with Elliptic, Ethereum, Binance Coin, Tether, USD Coin and Dai have been all a part of the hackers’ haul. The stolen tokens have already been transformed to Ethereum by the hacker by way of crypto exchanges.

Concord says it contacted the FBI in addition to cybersecurity and trade 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 person Ape Dev pointed out a weak point within the safety of the bridge as early as April. In accordance with Ape Dev, hackers solely wanted to achieve entry to 2 multisig personal keys to authorize the switch of funds.

That is removed from the primary time a blockchain bridge weak point was exploited by unhealthy actors. Actually, this US$100 million misplaced right here is definitely on the low-end in comparison with another thefts from simply this yr alone.

Play-to-earn sport Axie Infinity had its Ronin blockchain bridge hacked in March leading to a whopping US$615 million in stolen property. Only a month earlier, the Wormhole bridge was compromised, resulting in US$320 million in losses.

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