After the $100 million hack of Harmony’s Horizon Bridge, transactions Rates on the Ethereum mainnet and Bridge were rigged, offering some users triple their USDC holdings with a simple exchange. But you should not do this and most likely you will not be able to.
The main reason behind the imbalance could be linked to the massive outflow volume, which put a lot of pressure on USDC reserves, which have lost $1 pegs especially on the platform.
Probably not recommended. pic.twitter.com/OcdjyUEECp
— cryptoyieldinfo (@Cryptoyieldinfo) 24 June 2022
Unfortunately, the technical possibility of the swap was prevented due to the Harmony Bridging prohibition on the Synapse platform. Even if the swap were possible, most likely the USDC swapped on Harmony would have no value, as those funds were most likely lost during the hack.
How Harmony Lost Its Funds
The hacker or group of hackers used two different wallets to transfer the stolen funds. Ethereum, BNB, USDT, USDC and other cryptocurrencies that were previously sent to wallets that end with “ded00” are now worth around $100 million.
The second wallet received significantly fewer coins, and its balance currently stands at $1.8 million. The coins and tokens transferred were BUSD and BNB.
After transferring funds to the first wallet, the hacker swapped between the “ded00” wallet and three other entities. At press time, there is no information on whether the hacker has transferred his funds to CoinMixture Solutions.
Harmony is not the first bridging solution that was attacked only this year. Previously, the Ronin sidechain of the Axi Infinity blockchain game was hacked, with $600 million of users’ funds stolen.