Another major crypto network has suffered a suspected breach. Blockchain security researchers report that over $5.8 million - around Rp94 billion - was bridged from the Hedera network to Ethereum in what they suspect to be an exploit. The price of Hedera’s native token, HBAR, immediately slipped by more than 2% to around $0.069 as reports surfaced.
What makes this case intriguing is not just the amount, but the digital trail left by the perpetrator. The wallet allegedly used was initially funded with just 1 ETH - and that small sum originated from Tornado Cash, a transaction mixer often dubbed crypto’s ‘laundromat’ for its ability to obscure the origin of funds.
How the Funds Moved
According to pseudonymous security researcher Specter, the attacker had initially bridged over $3.7 million in assets from Hedera to Ethereum before continuing to transfer additional funds. The stolen assets, Specter noted, were swapped from Wrapped Bitcoin (WBTC) into Ether after crossing chains via the LayerZero bridge protocol.
Shared wallet data revealed the breakdown of the stolen funds: around 3,203 ETH or nearly 80% of the total portfolio, alongside roughly 20% in WBTC. The wallet’s total balance continued to climb as new funds flowed in - initially recorded at $3.7 million before swelling to $5.8 million shortly after. Security firm PeckShield also confirmed the initial 1 ETH transfer from Tornado Cash that funded the wallet.
An Ongoing Incident
As of this writing, neither Specter nor PeckShield has identified the culprit behind the suspected exploit. The Hedera team has yet to issue an official statement regarding the actual total losses or the measures being taken to contain the impact. Researchers continue to monitor the associated wallet addresses and have promised updates as new on-chain transactions emerge.
The Hedera incident comes amid a string of security breaches over the past month. Previously, the Summer.fi protocol reportedly lost around $6 million to an active exploit, while Ctrl Wallet announced its permanent closure after a vulnerability impacted a portion of Cardano wallets.
For holders of HBAR and other crypto assets, the incident serves as a timeless reminder: cross-chain bridges remain the weakest link in the ecosystem. As long as funds can be stealthily moved from one blockchain to another and then ‘laundered’ through transaction mixers, tracking down the perpetrators will always be far harder than stealing the funds in the first place. Until Hedera makes an official statement, the final loss figure may still change.
Reported via Crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
