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ONE falls as Harmony’s Bridge is compromised

ONE falls as Harmony’s Bridge is compromised. Harmony announced that it has “discovered a theft occurring this morning on the Horizon bridge. It amounts to approximately USD 100m” at 11:13 PM UTC. It does not affect their bitcoin (BTC) bridge, according to the team. And “its funds and assets housed in decentralized vaults are safe at this time.”

Harmony, stated they lost about ETH 85,867 (USD 99m) in a theft. That makes it one of the poorest performers among the top 200 currencies today.

At 03:40 UTC, ONE, which is ranked 123rd on CoinGecko by market capitalization, trades at USD 0.024 and is down more than 7% in a day and about 4% in a week.

In order to prohibit additional transactions, Harmony reportedly also alerted exchanges and shut off the Horizon bridge.

They said, “We have started cooperating with national authorities and forensic experts.”

Any proof-of-work and proof-of-stake chains, according to Harmony, can be connected via its bridges.

It’s the most recent in a succession of thefts against protocols, bridges, and projects. It also included a $320 million hack against the Solana bridge Wormhole in February; and a $20 million theft from the Ethereum scaling solution Optimism earlier this month. A massive $620 million was taken in an April hack of the Ethereum-related sidechain Ronin Network. It is utilized for the blockchain game Axie Infinity.

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