The Harmony Protocol horizon network was hacked which cost about $ 100 million in the blink of an eye. The announcement was made by Harmony itself via their Twitter account this afternoon. Most affected in the incident was Metaverse software company, AAG Ventures, where they lost $ 84 million.
Following the announcement, the price of Harmony has fallen more than 10% from the price level of 0.025 to 0.023. The incident has sparked panic among investors leading to a sell -off.
The latest, which is also good news for Harmony investors, AAG has announced that it can freeze $ 78 million of the 84 million they lost.
Harmony Protocols announced that they had stopped Horizon Bridge to ensure the funds could be salvaged and at the same time for security purposes. Their side revealed that Harmony had been working with authorities and forensic experts to recover the missing amount.
Harmony has revealed the Ethereum address of the exploit and stated the BTC bridge was not affected. In a separate tweet, Harmony called for a joint venture to build more ‘trustless bridges’ that provide higher security.
Mudit Gupta, security researcher and CISO of Polygon, revealed that Horizon Bridge uses a multi -signature mechanism to reach a consensus. Out of 5 signatures, if any 2 of them agree to the transaction then it will be successful.
Mudit also revealed how the exploit may have nothing to do with any vulnerabilities in Horizon Bridge or any other blockchain security -related issues. In fact, hackers may have a wallet responsible for verifying any transaction.
AAG has partnered with Lossless DeFi and used their mitigation tools to protect its funds. As a result, ooseless was able to freeze about $ 78 million of the $ 84 million it had lost.
