Harmony one news8/22/2023 ![]() UPDATE (June 24, 10:09 UTC): Adds FBI involvement, ONE token performance in headline, text adds bullet on previous bridge hacks this year. Harmony did not return requests for comment at writing time. "The team is all hands on deck as investigations continue," they added. Meanwhile, Harmony developers said they had notified exchanges and stopped the Horizon bridge to prevent further transactions. The attacker did not move any funds to exchanges or privacy swap services, such as Tornado Cash, at the time of writing, blockchain data shows. On the opposite side, when a bridged token burn is detected on the Harmony blockchain, the pool of validators validates it and relays the finalized information to the Ethereum blockchain, where the same amount of the original token is unlocked. 02 I didn’t buy in then cus I thought it was climbing in value too fast. I checked the next day and it was around. ago I saw a post about Harmony back in late February. When a token lock action is detected on the Ethereum blockchain, the pool of validators validates it and relays the finalized information to the Harmony blockchain, where a matching amount of a bridged token is minted. 1.7K Related Topics Crypto 809 comments Best RamHead04 2 yr. A pool of validators verifies when users lock liquidity on any of those networks. It worked as follows, as per developer documents: A set of smart contracts were deployed on Ethereum, BSC and Harmony blockchains. The mechanism of how the bridge worked allowed attackers to exploit the network. Harmony said in a separate tweet that the exploit did not impact its bitcoin bridge and that funds and assets stored on decentralized vaults were "safe at this time." The Horizon bridge allowed users to exchange assets, such as tokens, stablecoins and non-fungible tokens ( NFTs), between the Ethereum, Binance Smart Chain (BSC) and Harmony blockchains. ![]() Among the biggest, in February, Wormhole bridge suffered a $326 million hack, and in April Ronin was exploited for $625 million. The attack adds to this year's litany of exploits targeting bridges, which allow users to move tokens between blockchains, taking the total lost to more than $1 billion in 2022 alone. This was despite the broader market seeing a recovery, with bitcoin nearing the $21,000 mark. Harmony's native ONE token slumped on news of the exploit, taking its decline in the past 24 hours to more than 12%. 23 July 2022 The Harmony ONE price has pulled back in the past few days as demand for the coin remains at a substantially low level. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds. Discover the latest news articles relating to Harmony (ONE) cryptocurrency for Australia and worldwide. 1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. ![]()
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