Hedera’s native HBAR token fell more than 2% after blockchain security researchers reported that a suspected exploit moved more than $5.8 million in assets from the Hedera network to Ethereum.
summary
- The suspected Hedera exploit moved more than $5.8 million in assets to Ethereum, according to blockchain security researchers.
- Specter and PeckShield said the attacker linked funds via LayerZero before replacing WBTC with ETH.
- HBAR’s price fell more than 2%, trading near $0.069 as the reported exploit came to light.
According to blockchain security researcher, Specter, the suspected attacker has already blocked assets worth over $3.7 million from Hedera to Ethereum before continuing to move additional funds.
Specter said the stolen assets were swapped from Wrapped Bitcoin (WBTC) to Ether (ETH) after crossing the chains via LayerZero. The researcher also published two wallet addresses believed to be linked to the incident.
At the time of writing, CryptoBull360 I mentioned The estimated value of the wallet has risen to approximately $5.8 million, indicating that more assets have reached Ethereum after the initial transfers. The shared wallet data showed holdings of around 3,203 ETH, representing nearly 80% of the wallet, along with roughly 20% in WBTC.
According to data from crypto.news, Hedera (HBAR) The price was trading at around $0.069, down more than 2% following reports of the suspected exploit.
Cross-chain transfers continued after the initial hack
As additional on-chain transactions emerged, blockchain security firm PeckShield said the suspected exploit has already transferred approximately $5.25 million from the Hedera mainnet to Ethereum. The company added that the wallet contained about 2,360 Ethereum, worth approximately $4.25 million, and 15.58 WBTC, worth about $1 million, at the time of its analysis.
PeckShield also reported that the wallet was originally funded with 1 ETH of Tornado Cash, citing its on-chain transaction history. The note identifies the wallet’s initial funding source but does not identify who controls the address or who carried out the alleged attack.
Wallet screenshots shared by Specter and PeckShield showed a series of incoming transfers arriving over a short period before the assets were converted to ETH.
The investigation is still ongoing as official details are limited
Neither Specter nor PeckShield have identified the party responsible for the suspected exploit, and no official estimate of total losses has been released at the time of writing. The reported value of the stolen assets continued to change as additional funds were observed moving through the wallet.
The incident is still evolving, as blockchain security researchers continue to monitor addresses and post updates as new transactions appear on the chain. Meanwhile, market participants are awaiting an official statement from the Hedera team regarding the reported exploit and any measures taken to contain its impact.
The Hedera incident comes amid a series of security-related developments reported by crypto.news in recent weeks. Blockaid recently said it had discovered an active file Exploiting Summer.fi targetingLosses were estimated at approximately $6 million at the time of the alert.
Separately, Ctrl Wallet Announce It will be permanently shut down after a security vulnerability affected some Cardano wallets, giving users until August 3 to withdraw their assets. Meanwhile, crypto.news too I mentioned Secret Network proposed migrating SCRT from Cosmos to Arbitrum, with the team citing security risks, poor liquidity and a legacy code base in a governance proposal issued on July 7.
