Hackers have stolen 100 million through crypto service Horizon

Hackers have stolen $100 million through crypto service Horizon

Unidentified individuals have stolen approximately $100 million worth of digital assets by successfully exploiting a vulnerability in the Horizon service that allows cryptocurrencies to be exchanged between blockchains. Service Owner Harmony reportedwhich works with authorities and industry experts to identify those responsible and recover stolen funds.

    Image source: Gerd Altmann / pixabay.com

Image source: Gerd Altmann / pixabay.com

The Horizon incident, which offers cross-chain transfers between the Ethereum and Binance blockchains, was the third major hack since the beginning of the year. The first was the theft of more than $300 million worth of assets from the Wormhole service in early February, the second was the theft of cryptocurrencies from the Ronin platform in late March when the attackers stole $620 million enriched.

According to the preliminary version, the theft of funds became possible due to the compromise of the private key: the Horizon service was protected by 4 multi-signature wallets, and the transaction required confirmation from two of them. Similarly, the Ronin network was hacked, where the transmission required confirmation from 5 out of 9 verifiers.

Transfer services between blockchains are considered to be particularly vulnerable to hacking – they are based on rather complex technological solutions, are managed by anonymous development teams and it is not always clear how to ensure the safety of funds. In the last month alone, the amount of assets tied up for such Ethereum blockchain-connected services has fallen by more than 60% to less than $12 billion.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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