Ethereum Rival Tumbles As Hackers Drain About $100,000,000 From Its Crypto Bridge

by Cryptospacey

One Ethereum (ETH) competitor is taking a large hit after hackers drained roughly $100 million value of crypto from its cross-chain bridge.

The Concord (ONE) group says the breach occurred on the morning of June twenty fourth on the Horizon bridge, which allows customers to maneuver crypto belongings between Ethereum, Binance Good Chain and Concord.

“The Concord group has recognized a theft occurring this morning on the Horizon bridge amounting to roughly $100 million. We’ve begun working with nationwide authorities and forensic specialists to establish the offender and retrieve the stolen funds.”

Concord hit a excessive of $0.0268 on June twenty third earlier than dropping to a low of $0.0236 on June twenty fourth, a virtually 12% drop in a matter of hours. ONE has since bounced and is buying and selling at $0.025 at time of writing.

In accordance with blockchain analytics agency Elliptic, crypto belongings value $99.7 million have been stolen from the Binance Good Chain and the Ethereum blockchains.

Elliptic additionally says the stolen belongings embrace the native tokens of the 2 blockchains and numerous stablecoins designed to take care of a US greenback peg.

“Quite a lot of belongings have been taken, together with ETH, BNB, Tether (USDT), USD Coin (USDC) and Dai (DAI). The stolen tokens have now been swapped for ETH utilizing decentralized exchanges – a commonly-seen approach with these hacks.”

In accordance to Elliptic, the Concord group appears open to holding a dialogue with the entity accountable for the heist primarily based on a message embedded inside an Ethereum transaction studying,

“The Concord group is taken with speaking and negotiating. Please attain out at to begin a dialog. Communication might be nameless.”

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