Cryptocurrency NewsHarbor Stablecoin Project and BNB's Cross-Chain Bridge Hit by Security Breaches

Harbor Stablecoin Project and BNB’s Cross-Chain Bridge Hit by Security Breaches

The Harbor stablecoin initiative on the Cosmos network confirmed on Saturday, Aug. 19, that it suffered a security breach leading to exploitation. The project, which focuses on interchain stablecoin operations, made a public statement on social media platform X, acknowledging that it had been the target of a protocol-based attack. Certain pools, including Luna, have disappeared as a result.

An unidentified hacker was able to gain unauthorized access to the Harbor Protocol, a cross-chain stablecoin operating on the Cosmos network, and made off with funds stored in the vaults.

Who was behind the Harbor attack?
The Harbor Protocol Team indicated that the attacker used the digital address comdex1sma0ntw7fq3fpux8suxkm9h8y642fuqt0ujwt5. They are in the process of assessing the financial impact and tracking the stolen funds.

The team plans to release a comprehensive report on the incident once they have ascertained the specifics, although they have yet to determine the method of attack.

In a separate incident, BNB’s cross-chain bridge (0x489a) also faced a security vulnerability this week.

The significant financial losses from these breaches have captured the attention of both investors and cybersecurity experts. Peckshield, a blockchain security firm, issued a grave warning detailing the extent of the damage caused by the exploits.

The individual responsible for the attack sold off more than 1.1 million BNB tokens, which had a market value of approximately $10.2 million.


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