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Hedera’s native token HBAR has fallen more than 2% after blockchain security researchers reported that a suspected exploit had moved more than $5.8 million in assets from the Hedera network to Ethereum.
Summary
- Suspected Hedera exploit moved more than $5.8 million in assets to Ethereum, according to blockchain security researchers.
- Specter and PeckShield said the attacker bridged funds through LayerZero before swapping WBTC for ETH.
- HBAR fell more than 2%, trading near $0.069 as the reported exploit unfolded.
According to blockchain security researcher Specter, the suspected attacker had already bridged more than $3.7 million worth of assets from Hedera to Ethereum before continuing to move additional funds.
There appears to be an ongoing hack involving @hedera Network, with over $3.7M already bridged to Ethereum by the attacker.
The stolen funds are currently being swapped from WBTC for ETH after being bridged from the Hedera network via Layerzero.
Theft addresses:… pic.twitter.com/KSxd3K2vlu
Specter said the stolen assets were being swapped from Wrapped Bitcoin (WBTC) into Ether (ETH) after crossing chains through LayerZero. The researcher also published two wallet addresses believed to be linked to the incident.
At the time of writing, CryptoBull360 reported that the wallet’s estimated value had increased to roughly $5.8 million, indicating that more assets had reached Ethereum after the initial transfers. The shared wallet data showed holdings of about 3,203 ETH, representing nearly 80% of the portfolio, alongside roughly 20% in WBTC.
According to data from crypto.news, Hedera (HBAR) price traded around $0.069, down more than 2% following the reports of the suspected exploit.
Cross-chain transfers have continued after the initial breach
As additional transactions appeared on-chain, blockchain security firm PeckShield said the suspected exploit had already transferred approximately $5.25 million from the Hedera mainnet to Ethereum. The firm added that the wallet held around 2,360 ETH, valued at roughly $4.25 million, and 15.58 WBTC, worth about $1 million, at the time of its analysis.
PeckShield also reported that the wallet had originally been funded with 1 ETH from Tornado Cash, citing on-chain transaction history. The observation identifies the source of the wallet’s initial funding but does not establish who controls the address or who carried out the alleged attack.
The wallet screenshots shared by both Specter and PeckShield showed a series of inbound transfers arriving within a short period before the assets were converted into ETH.
Investigation remains ongoing as official details are limited
Neither Specter nor PeckShield identified the party responsible for the suspected exploit, and no official estimate of the total losses had 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 developing, with blockchain security researchers continuing to monitor the addresses and publish updates as new transactions appear on-chain. Meanwhile, market participants are watching for 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 detected an active exploit targeting Summer.fi, estimating losses of about $6 million at the time of its alert.
Separately, Ctrl Wallet announced it will permanently shut down after a security exploit affecting some Cardano wallets, giving users until Aug. 3 to withdraw their assets. Meanwhile, crypto.news also reported that Secret Network has proposed migrating SCRT from Cosmos to Arbitrum, with the team citing security risks, weaker liquidity, and an aging codebase in its July 7 governance proposal.
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