Hedera Network Suspected of Hacking Attack, $3.7 Million Crossed to Ethereum
According to on-chain detective Specter, Hedera Network is suspected to have been hacked, with attackers transferring over $3.7 million to Ethereum via LayerZero. The stolen funds are currently being exchanged from WBTC to ETH.
Market Mechanism: A vulnerability in the cross-chain bridge or a private key leak has led to capital outflow, damaging confidence in the Hedera ecosystem. Trading volume of LayerZero-related assets and ETH has increased, and the hacker's cash-out path is accelerating the concentration of funds towards Ethereum, putting pressure on bridging protocols and Layer 1 projects.
Source: Public Information
ABAB AI Insight
Hedera previously relied on enterprise-level governance and Hashgraph consensus, and this attack has exposed security risks in cross-chain bridges, similar to previous incidents involving LayerZero or other bridging events, where hackers quickly transfer assets using bridging mechanisms.
In terms of capital pathways, the attacker is cashing out by exchanging WBTC for ETH, motivated by evading tracking and quickly liquidating assets; Hedera needs to strengthen bridge security and monitoring, while infrastructure like LayerZero faces a trust reassessment.
Similar to historical attacks on Ronin Bridge or Poly Network, this case shows that current cross-chain DeFi is still in a high-risk expansion phase, with capital security becoming a core variable in Layer 1 competition.
Structural Judgment: Essentially, this falls under security reconstruction in technological substitution. The convenience of cross-chain mechanisms is accompanied by amplified vulnerabilities, driven by the complexity of bridging code and governance, leading capital from high-risk bridges to safer native assets or projects with enhanced audits, shifting pricing power towards security-prioritized infrastructure.
ABAB News · Law of Cognition
- The more convenient the bridge, the more active the hackers.
- Cross-chain is risk transfer, with the last mile being the most expensive.
- On-chain transparency accelerates tracking but also amplifies attack returns; security is the new moat.