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Harmony Protocol’s Horizon Bridge was hacked for about $100 million, Harmony Protocol’s Twitter account introduced.  Metaverse software program firm, AAG Ventures, took the key brunt. Out of the approx. $100 mln misplaced within the hack, AAG misplaced $84 mln.

Now, AAG has introduced that they have been in a position to freeze $78 mln out of the 84 million that they misplaced. 

The Harmony Hack Explained

The Harmony protocol introduced that they’ve stopped the Horizon bridge to make sure the protection of the remaining funds. They revealed that they began working with authorities and forensics consultants to retrieve the quantity. 

Harmony printed the exploiter’s Ethereum address and disclosed that the trustless BTC bridge was not impacted. In a separate Tweet, they referred to as for a joint effort to construct extra trustless bridges which would offer increased safety. 

Mudit Gupta, a safety researcher and CISO of Polygon, revealed that the Horizon Bridge was utilizing a multi-signature mechanism to succeed in consensus. Out of the 5 signatures, if any 2 agreed on a transaction, it will undergo. The exploiter apparently compromised 2 signatures and was in a position to drain $100M.

Mudit additionally revealed how the exploit could don’t have anything to do with any vulnerability within the Horizon Bridge or another blockchain security-related challenge. In reality, the hack could also be within the servers that have been working the 2 wallets liable for verifying any transaction. 

The hack is similar to how the Ronin Bridge was hacked for $600 mln.

How AAG Recovered Its Losses

AAG had partnered with Lossless DeFi and was utilizing their mitigation instrument to guard its funds. As a outcome, Looseless was in a position to freeze about $78 mln of the $84 mln that was misplaced by AAG within the hack. 

In a stroke of luck, Lossless had launched their protocol on Harmony solely a day in the past and have been in a position to intervene within the occasion of the hack. 

Tools like Lossless will grow to be extra necessary because the variety of exploits continues to stand up.

Nidhish is a expertise fanatic, whose purpose is to seek out elegant technical options to resolve a few of society’s largest points. He is a fim believer of decentralization and needs to work on the mainstream adoption of Blockchain. He can be massive into nearly each common sports activities and likes to converse on all kinds of subjects.

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