Token Bridge
Breaking: Harmony’s Horizon Bridge hacked for $100M
The Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins which are being swapped for Ether (ETH). The hack may vindicate previously raised community concerns about the robustness of the two of four multisig that reportedly secures the bridge. Starting at about 7:08 am until 7:26 am ET, 11 transactions were made from the bridge for various tokens. They have since begun sending tokens to a different wallet to swap for ETH on the Uniswap decentralized exchange (DEX), then sending the ETH back to the original wallet. 1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen...
Allbridge to become the first token bridge for the Stacks token
Multi-chain token bridge Allbridge will become the first to offer Stacks (STX) transfers as part of a partnership with Bitcoin software developer Daemon Technologies. STX is the native token for the Stacks Layer-1 blockchain which settles transactions on the Bitcoin (BTC) network. It currently has a market cap of $1.7 billion. Allbridge currently serves 12 blockchains including Ethereum, various Ethereum-compatible sidechains, Solana, Terra, and others. A token bridge allows crypto from one blockchain to be transferred to another one. The new bridge will allow transfers between Stacks and all chains served by Allbridge. The Stacks Bridge will go live in Q2 2022. It will initially only support transfers of STX, but is planned to support transfers of other Stacks protocol SIP010 tokens such ...
Wormhole token bridge loses $321M in largest hack so far in 2022
The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform. Wormhole is a token bridge that allows users to send and receive crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra without the use of a centralized exchange (CEX). This is the largest crypto hack of 2022 so far and the second largest DeFi hack to date. The Wormhole team has offered a $10M bug bounty for the return of the funds. The hack took place on the Solana side of the bridge and there are fears Wormhole’s bridge to Terra could be similarly vulnerable. The Wormhole team has assured the community that its ETH supply would be replenished to “ensure wETH is backed 1:1,” but there is no word yet on where those funds will com...
