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 funds.
— Harmony (@harmonyprotocol) June 23, 2022
So far, Frax (FRAX), Wrapped Ether (WETH). Aave (AAVE), Sushi (SUSHI), Frax Share (FXS), AAG (AAG), Binance USD (BUSD). Dai (DAI), Tether (USDT), Wrapped BTC (WBTC), and USD Coin (USDC) have been stolen from the bridge through this exploit.
The Horizon Bridge facilitates token transfers between Harmony and the Ethereum network, Binance Chain and Bitcoin. Harmony, the operator of the bridge, announced late on June 23 that the bridge has been halted. It said the BTC bridge and its assets have not been affected by the attack.
The Harmony team also said it was working with “national authorities and forensic specialists” to determine who is responsible. A post-mortem is sure to follow.
The developers and the co-founder of Harmony Nick White did not respond to requests for comment. Harmony is a layer-1 blockchain using proof-of-stake consensus. Its native token is ONE.
Concerns have previously been expressed as to the soundness of Horizon’s multisig wallet on Ethereum which only required two out of the four signees to drain the funds. A founder of Chainstride Capital crypto-focused venture fund Ape Dev noted on Twitter April 2 that the low number of required signers would leave the bridge open for “another 9 figure hack.”
Ape Dev’s prediction appears to have become a reality as the bridge is now down $100 million in assets.
He is far from the only developer in crypto to have qualms with the security of token bridges.
Vitalik Buterin discussed the issues with token bridges in a Reddit post this January. He posited that when bridges get exploited, it threatens the liquidity on each chain affected. He added that as the amount of token bridges increases, the threat of a 51% attack on one chain could present greater contagion risk to others.
Multisigs are an ongoing security issue in attacks. The Ronin Bridge was secured by nine validators, only five of which were required to verify a transaction. The attacker took control of the required five validators and extracted over $600 million in assets.
Football superstar Cristiano Ronaldo has signed an exclusive multi-year nonfungible token (NFT) partnership with crypto exchange Binance. The collaboration aims to introduce soccer fans to the Web3 ecosystem through global NFT campaigns.
In the announcement sent to Cointelegraph, Binance noted that the agreement involves creating a series of NFT collections with Ronaldo. These will be sold on the Binance NFT platform exclusively, with the first collection coming out later this year.
Changpeng Zhao, the CEO and founder of Binance, praised Ronaldo's accomplishments in soccer and mentioned that the athlete has "transcended sport to become an icon in multiple industries." Zhao also said that:
“He has amassed one of the world’s most dedicated fan bases through his authenticity, talent and charity work.”
Zhao added that the Binance team is excited to give Ronaldo fans "exclusive engagement opportunities to connect with Ronaldo" as they own pieces of the NFT collections. Meanwhile, the soccer superstar also commented on the upcoming NFT drops, saying that fans will surely enjoy them. Ronaldo also explained:
“My relationship with the fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of.”
Back in March, Ronaldo was awarded crypto tokens for his achievements in the sport. The soccer star was given JUV tokens, the official fan token of Juventus F.C., for every senior career goal that he scored.
Despite the current crypto winter, the Binance CEO expressed positivity earlier in June. With confidence, Zhao noted that it's his third crypto winter and Binance's second encounter with this type of market situation, implying that the team knows how to navigate their way in a bear market. Apart from this, the Binance CEO said that they will use this as an opportunity to hire top talent who are available during this time.
It was only a year and a half ago that there appeared to be bad feelings between Snoop Dogg and Eminem, both of whom are Dr. Dre's proteges. Now, the legendary rappers have a new music video where they are featured as Bored Apes.
Eminem tweeted on June 24 that a new song called “From The D 2 The LBC” would be released. The post included the song's single art, which was a comic book style with two cartoon monkeys representing both Snoop Dogg and Slim Shady and their connection to Bored Ape Yacht Club (BAYC). He followed up swiftly with another tweet advertising the video.
The two hip-hop legends have reunited to release a new music video for their followers. This time, they've featured the Bored Ape Yacht Club (BAYC), a nonfungible token (NFT) collection built on the Ethereum blockchain.
Titled "From The D 2 The LBC," the new music video shows Eminem and Snoop Dogg in animated characters of apes. It was produced by 1st AMENDMENT and Young California, in collaboration with the BAYC.
The song has the two of them shouting out their respective hometowns, Detroit and Long Beach, in its refrain:
“Put your doobies high if you reside in 213, let’s see them blunts raised / Whether you east side or west side of the 313, let’s see them guns blaze.”
The video then shifts to Em and Snoop as they perform their verses while morphing into animated, Bored Ape-style avatars – the song was recently previewed live at Ape Fest 2022 by the pair.
It should be noted that Eminem and Snoop are already familiar with the world of NFTs, having previously ventured into it. As reported by Cointelegraph, Eminem, also known as Marshall Mathers III, purchased an NFT from OpenSea's NFT marketplace for $462,000 and became a member of the Bored Ape Yacht Club.
In April, Snoop Dogg was announced as a major investor in MoonPay, an on- and off-ramp service, along with "industry VIPs" like Justin Bieber, Bruce Willis and Ashton Kutcher. MoonPay has also teamed up with Dogg's Death Row Records to create an NFT marketplace.
This Daily Dose was brought to you by Cointelegraph.