Tag: terra

  • Crypto heist: Hackers steal $100 million from Harmony blockchain bridge

    Crypto heist: Hackers steal $100 million from Harmony blockchain bridge

    A blockchain bridge titled Harmony, which helps in transferring cryptocurrency tokens between each other, recently disclosed that $100 million in digital currency was stolen on Thursday morning from its Horizon bridge.

    Harmony revealed that its Horizon Ethereum Bridge was a victim of a “malicious attack” in a blog post outlining the incident.

    Harmony said that its separate bridge used for bitcoin wasn’t affected by the hack and that its funds and assets are safe. They have notified other exchanges and stopped its bridge “Horizon” to prevent further transactions as the company investigates the heist. 

    In order to track down the hacker and recover the stolen money, the platform has started working with local law enforcement and forensic experts.

    The hack and ransacking of Horizon weren’t the first this year. In March, cybercriminals stole about $620 million worth of cryptocurrency from a network used to process in-game transactions for Axie Infinity, one of the world’s most popular NFT video games.

  • ‘Stablecoin’ crashes, bitcoin set for a record losing run

    ‘Stablecoin’ crashes, bitcoin set for a record losing run

    Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak.

    Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets.

    However, sentiment is particularly shaky, as tokens that were intended to be tethered to the dollar have failed.

    Bitcoin, the most valuable cryptocurrency by market capitalization, attempted a recovery early in the Asian session, rising 2 per cent to $29,500, a recovery from a 16-month low of roughly $25,400 on Thursday.

    It is still trading well below week-ago levels of around $40,000 and is on track for a record sixth consecutive weekly loss unless weekend activity improves.

    “I don’t believe the worst is gone,” Scottie Siu, investment director at Axion Global Asset Management, a Hong Kong-based firm that manages a crypto index fund, said. “I believe there will be further decline in the days ahead”.

    “I believe what we need to see is a significant drop in open interest, so that speculators are forced out, and then the market will stabilise”.

    Read more: Pakistan’s cement exports fell by 82.15 per cent in April 2022

    This week, TerraUSD (USDT) lost its 1:1 peg to the dollar, as its method for maintaining stability, which relied on another virtual token, failed under selling pressure.