Harmony also halted all Horizon Bridge activity after the hack. Its native ONE token plummeted and, at the time of this writing, was trading for $0.02445, down 8.5% from before the hack was discovered on Friday.
Harmony is a layer-1 proof-of-stake blockchain. Its Horizon Bridge is a cross-chain bridge, meaning it allows users to send assets from one blockchain to another. Horizon users can move assets between Harmony’s network and Ethereum, Binance Chain and Bitcoin.
Hackers have recently targeted cross-chain bridges. Qubit Finance’s bridge was pirate for $80 million in January, thieves stolen $320 million from the Wormhole Bridge a month later, aand the pirates drained $622 million in Ethereum and USDC from Axie Infinity’s Ronin Bridge in March.
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