Hedera users and security teams are scrambling after blockchain researchers flagged a suspected exploit that has funneled millions from the Hedera network to Ethereum — and driven HBAR down more than 2%. What happened - Security researcher Specter first reported an attacker bridging roughly $3.7 million in assets from Hedera to Ethereum via LayerZero, then swapping the proceeds from WBTC into ETH. Specter shared two wallet addresses believed to be involved. - Subsequent on-chain monitoring showed the amount growing. CryptoBull360 estimated the suspect wallet’s value at about $5.8 million, with roughly 3,203 ETH (≈80% of holdings) and the remainder in WBTC. - Blockchain security firm PeckShield’s snapshot put the bridged sum at about $5.25 million, reporting the wallet held ~2,360 ETH (≈$4.25M) and 15.58 WBTC (≈$1M) at the time of its analysis. PeckShield also noted the wallet’s initial funding came from a 1 ETH deposit routed through Tornado Cash — an observation of chain history, not proof of the attacker’s identity. Market impact and ongoing response - Hedera’s native token HBAR traded near $0.069 and slipped more than 2% after the reports surfaced. - The theft appears to be active and evolving: researchers observed multiple inbound transfers over a short period followed by swaps into ETH as funds hit Ethereum. - Neither Specter nor PeckShield has attributed the activity to a specific actor, and Hedera had not issued an official statement at the time of reporting. Security teams continue to track the suspect addresses and publish updates as more on‑chain activity is observed. Wider context - This incident follows several recent security events in crypto: Blockaid warned of an active exploit against Summer.fi (estimated ~$6M losses), Ctrl Wallet announced it will wind down after a Cardano wallet exploit, and Secret Network proposed migrating SCRT from Cosmos to Arbitrum citing security and liquidity concerns. The situation is still developing. Crypto users and exchanges will be watching for any containment steps from Hedera and for further attribution or recovery updates from the security community.
Suspected $5M+ Exploit Moves Funds from Hedera to Ethereum via LayerZero
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Summary
A suspected DeFi exploit has moved over $5 million from Hedera to Ethereum via LayerZero, with assets tracked by researchers. Security analyst Specter reported the initial $3.7 million bridge, now estimated at $5.8 million. PeckShield is monitoring the suspect wallet, which holds large ETH and WBTC amounts. HBAR dropped over 2% as the theft appears ongoing. No official statement has been released by Hedera. Ethereum news continues to highlight cross-chain risks.
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