Hackers stole $100 million from a cryptocurrency bridge, an app that lets people swap coins between blockchains, in the third major cryptocurrency heist this year.
Harmony, an open blockchain that runs Ethereum applications, said the hack of its bridge called Horizon took place on Thursday morning.
“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” Harmony said in a series of tweets on Friday morning.
This is the third major bridge hack this year. Hackers stole more than $300m from Wormhole in February and about $620m from Ronin Bridge in late March.
Even before the Harmony hack, money stolen from bridges exceeded $1 billion, according to researcher Chainalysis.
More than $11bn worth of cryptocurrencies have been stolen in different hacking incidents over the past nine years.
The number of hacks peaked in 2021, with at least eight companies suffering breaches, Inside Bitcoins, a London-based online cryptocurrency news source, said in a January report.
The cryptocurrency market is massive, with more than 12,000 exchange marketplaces where digital assets such as Bitcoin, Ether and other digital coins are traded.
Account details, known as private keys in cryptocurrency parlance, can be hacked if not secured properly and the funds held in those accounts can be stolen.
Risks of hacks remain high as the market continues to expand, with more marketplaces and exchange platforms cropping up in different parts of the world.
Blockchain, the technology behind cryptocurrencies, is a digital chain of transactions that are linked to each other using cryptography — a mechanism for secure communications — on an open ledger.
However, hackers use a variety of techniques, including phishing and viruses, to steal large amounts of user data, according to Inside Bitcoins.
“From the hacking data, it is clear that, just like any other network, blockchain technology is susceptible to hacking. This calls for collaboration between users and investors to minimise losses,” it said at the time.
Last year, cyber criminals stole about 7,000 Bitcoins worth $60.5m from Binance, one of the world’s biggest cryptocurrency exchanges.
Harmony said it was “working around the clock as we continue our investigation alongside the FBI and multiple cyber security firms”.
“We have also notified exchanges and stopped the Horizon bridge to prevent further transactions,” it said in a separate tweet. “The team is all hands on deck as investigations continue.”
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
UAE currency: the story behind the money in your pockets
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
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Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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SPEC%20SHEET
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'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
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