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Harmony crypto news8/19/2023 ![]() Matic, Fetch, Celr, BitTorrent, Harmony One: IEO Coins Could 1000xĭuring the 2017 crypto bull run, there were two major factors in capturing the mainstream media and public’s attention: Bitcoin and its meteoric rise to its all-time high of $20,000, and the initial coin offering craze that allowed eager crypto investors to get in on the ground floor of a blockchain or crypto startup, and often led to enormous gains. A common thread throughout the crypto space is that these hot and hyped, shiny new tokens have serious momentum behind them, and have never experienced a bull market before. While the shilling may be relentless, the incessant mentions of these tokens could be other crypto traders doing the community a solid. Upon any visit to crypto Twitter or any online cryptocurrency community for that matter, and you’ll be hard pressed to avoid over the top shilling of the recent IEO tokens, notably the Binance Launchpad-born tokens, Harmony One, Celr, Fetch, BitTorrent Token, and the Coinbase Ventures-backed Matic. Meanwhile, beleaguered crypto hedge fund Three Arrows Capital could be set to default on a $660 million loan from brokerage firm Voyager Digital. Crypto lenders Celsius and Babel Finance put a freeze on withdrawals after a sharp drop in the value of their assets resulted in a liquidity crunch. The heist adds to a stream of negative news in crypto lately. Wormhole, another popular bridge, lost over $320 million in a separate hack a month earlier. The Ronin Network, which supports crypto game Axie Infinity, lost more than $600 million in a security breach that took place in March. It follows a series of notable attacks on other blockchain bridges. Harmony was not immediately available for comment when contacted by CNBC. Some researchers speculate the breach was the result of a "private key compromise," where hackers obtained the password, or passwords, required to gain access to a crypto wallet. The security of the Horizon bridge hinged on a "multisig" wallet that required only two signatures to initiate transactions. However, one investor had raised concerns about the security of its Horizon bridge as far back as April. Harmony has not revealed exactly how the funds were stolen. ![]() "As a result, these services hold large volumes of cryptoassets." "In order for individuals to use bridges to move their funds, assets are locked on one blockchain and unlocked, or minted, on another," Symington said. Like other facets of DeFi, which aims to rebuild traditional financial services like loans and investments on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.īridges "maintain large stores of liquidity," making them a "tempting target for hackers," according to Jess Symington, research lead at blockchain analysis firm Elliptic. Harmony said the attack did not affect a separate bridge for bitcoin. ![]() ![]() In Horizon's case, users can send tokens from the Ethereum network to Binance Smart Chain. In a follow-up tweet, Harmony said it's working with the Federal Bureau of Investigation and multiple cybersecurity firms to investigate the attack.īlockchain bridges play a big role in the DeFi space, offering users a way of transferring their assets from one blockchain to another. "We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds," the start-up said in a tweet late Wednesday. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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