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

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

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

“The Concord staff has recognized a theft occurring this morning on the Horizon bridge amounting to roughly $100 million. We have now begun working with nationwide authorities and forensic specialists to establish the wrongdoer 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, an almost 12% drop in a matter of hours. ONE has since bounced and is buying and selling at $0.025 at time of writing.

Based on blockchain analytics agency Elliptic, crypto belongings price $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 keep up a US greenback peg.

“A wide range 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 method with these hacks.”

According to Elliptic, the Concord staff appears open to holding a dialogue with the entity chargeable for the heist primarily based on a message embedded inside an Ethereum transaction studying,

“The Concord staff is fascinated about speaking and negotiating. Please attain out at [email protected] to start out a dialog. Communication might be nameless.”

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