Thieves Steal $100 Million Of Crypto In Major Hack

Hackers have stolen $100 million U.S. worth of cryptocurrency from decentralized finance (DeFi) company Horizon.

Harmony, the developers behind Horizon, said they identified the theft earlier this week and have narrowed their investigation down to an individual account that they believe is the source of the hack.

Harmony said it’s working with the U.S. Federal Bureau of Investigation (FBI) and several cybersecurity firms to investigate the attack and stolen cryptocurrency.

Horizon is known as a “blockchain bridge” that plays an important role in DeFi by offering users a way of transferring their assets from one blockchain to another.

Horizon says that users can send tokens from the Ethereum (ETH) network to the Binance Smart Chain through its service.

Blockchain bridges have become a popular target of hackers due to vulnerabilities in their underlying code, say industry analysts.

The Ronin Network, which is also a blockchain bridge and supports crypto game Axie Infinity, lost more than $600 million U.S. in a security breach this past March. Wormhole, another blockchain bridge, lost over $320 million U.S. in a separate hack earlier this year.

Harmony has not revealed exactly how the cryptocurrency funds were stolen from the Horizon platform.