Heco Bridge Drained For Over $86 Million in a DeFi Hack

The funds were immediately sent to decentralized exchanges and sold for other tokens.

Heco Bridge, a blockchain bridge between Ethereum and Heco Chain, has been reportedly drained for more than $86 million.

According to PeckShield, the attacker first withdrew 10,145 ETH from the Heco bridge while also draining funds in several assets including USDT, HBTC, TUSD, LINK, USDC, UNI, and SHIB, all adding to the total of $86.6 million. The funds were immediately sent to decentralized exchanges and sold for other tokens.

Update: Total $86.6M worth of cryptos
-346,994 $TUSD
-42,399 $LINK (~$601,641)
-619,000 $USDC
-173,200 $UNI ($931,816)
-346.9M $SHIB (~$2.8M)
-489 $HBTC ($18.8M)
-42M $USDT
-10,145 $ETH (~$19M)
— PeckShieldAlert (@PeckShieldAlert) November 22, 2023

“Our initial analysis indicates the suspicious $86.6m outflow from Heco bridge was from a compromised operator, which was operational since 2022-10-08,” said Peckshield.

Heco Bridge was built by Justin Sun’s HTX exchange in order to facilitate moving funds between Ethereum and Heco Chain. Consequently, the hack also follows the same pattern used in the $60 million Poloniex exchange hack on November 10.

Also Read: Fantom Foundation Rewards $1.7M Bounty For Averting $170M Hack

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