$100 million worth of crypto has been stolen in another major hack

Bitcoin is gone forever.
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Well, that can be arguable. Crypto security does have weaknesses against quantum computers, but there are already blockchains out there under design to combat that problem when/if it arises.
 
gwb-trading said:
$100 million worth of crypto has been stolen in another major hack
https://www.cnbc.com/2022/06/24/hac...n-in-crypto-from-harmonys-horizon-bridge.html
  • Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge developed by crypto start-up Harmony.
  • Bridges allow users to transfer tokens from one blockchain to another. They’ve become a prime target for hackers due to vulnerabilities in their underlying code.
  • It follows a series of similar attacks on blockchain bridges, including the $600 million Ronin Network heist and the $320 million stolen from Wormhole.
Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge, in the latest major heist in the world of decentralized finance.

Details of the attack are still slim, but Harmony, the developers behind Horizon, said they identified the theft Wednesday morning. Harmony singled out an individual account it believes to be the culprit.

https://twitter.com/x/status/1540110926937894913

“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the start-up said in a tweet late Wednesday.

In a follow-up tweet, Harmony said it’s working with the Federal Bureau of Investigation and multiple cybersecurity firms to investigate the attack.

Blockchain bridges play a big role in the DeFi space, offering users a way of transferring their assets from one blockchain to another. In Horizon’s case, users can send tokens from the Ethereum network to Binance Smart Chain. Harmony said the attack did not affect a separate bridge for bitcoin.

Like other facets of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.

Bridges “maintain large stores of liquidity,” making them a “tempting target for hackers,” according to Jess Symington, research lead at blockchain analysis firm Elliptic.


“In order for individuals to use bridges to move their funds, assets are locked on one blockchain and unlocked, or minted, on another,” Symington said. “As a result, these services hold large volumes of cryptoassets.”

Harmony has not revealed exactly how the funds were stolen. However, one investor had raised concerns about the security of its Horizon bridge as far back as April.

https://twitter.com/x/status/1510007663832223751

The security of the Horizon bridge hinged on a “multisig” wallet that required only two signatures to initiate transactions. Some researchers speculate the breach was the result of a “private key compromise,” where hackers obtained the password, or passwords, required to gain access to a crypto wallet.

Harmony was not immediately available for comment when contacted by CNBC.

It follows a series of notable attacks on other blockchain bridges. The Ronin Network, which supports crypto game Axie Infinity, lost more than $600 million in a security breach that took place in March. Wormhole, another popular bridge, lost over $320 million in a separate hack a month earlier.

The heist adds to a stream of negative news in crypto lately. Crypto lenders Celsius and Babel Finance put a freeze on withdrawals after a sharp drop in the value of their assets resulted in a liquidity crunch. Meanwhile, beleaguered crypto hedge fund Three Arrows Capital could be set to default on a $660 million loan from brokerage firm Voyager Digital.
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i hate thieves and lazy assholes that dont wanna do the hard work
 
tradehuddle said:
i hate thieves and lazy assholes that dont wanna do the hard work
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Huh?

Those thieves worked very hard so as to steal the coins.
those thieves will work even much more harder to steal $1 billion
worth of coins.


Lazy thieves wouldn't be able to steal it
 
Last edited:
maxinger said:
Huh?

Those thieves worked very hard so as to steal the coins.
those thieves will work even much more harder to steal $1 billion
worth of coins.


Lazy thieves wouldn't be able to steal it
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and those who own or protect what they stole, didn't work hard? by that logic, if someone steals your car, money, or properties, you gonna let them go just like that, cos they worked hard?
 
There may be some truth to what Maxinger says.

It takes more brains and effort to learn how to code and decifer weak-points in crypto exchanges, etc.

Any idiot can try to steal a car...
 
FreeGoldRush said:
The amount is an estimate but this statement is correct. Total Bitcoin supply will fall in the years ahead. Just like the value of fiat currencies fall forever because supply always increases, bitcoin price can go up forever because supply will always be decreasing. I realize this warps minds but this is how the math works.
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It’s a funny and somewhat true statement you make with the decreasing vs increasing supply, but demand for btc could fall exponentially as the opposing part of the equation. Chances for existing currencies are a lot smaller
 
The_Krakenite said:
There may be some truth to what Maxinger says.

It takes more brains and effort to learn how to code and decifer weak-points in crypto exchanges, etc.

Any idiot can try to steal a car...
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Any idiot can buy crypto's too.
And if we read how many crypto's are stolen, we can conclude that there are a lot of idiots who own(ed) (before they were stolen) crypto's.
These idiots should go Back To Cash as they miss the brains for something else.
 
gwb-trading said:
...
https://www.businessinsider.com/axi...fake-job-offer-letter-spyware-phishing-2022-7
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"Virtual currency mixers that assist illicit transactions pose a threat to US national security interests," Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said in a statement. "We are taking action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to go unanswered."

Lol, what are we going to do? Nuke North Korea to get the money back? The money is gone forever, and will never be recovered.
 
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