Hedera Exploit Sends Millions to Ethereum.

• Suspected exploiter bridges over $5.8 million from Hedera to Ethereum through LayerZero transfers.
• HBAR declines more than 2% as investors monitor the ongoing security investigation.
• Bonzo Finance exploit raises further concerns about Hedera’s DeFi infrastructure risks.

Hedera is facing renewed security concerns after a suspected exploiter moved millions of dollars in assets from the network to Ethereum through cross-chain transfers.

Blockchain security researchers reported that more than $5.8 million in funds had been transferred from Hedera, increasing concerns among market participants. The attacker reportedly used LayerZero to bridge assets before converting portions of the holdings into Ethereum-based assets.

Suspected Exploit Moves Hedera Assets Across Chains

According to blockchain analyst Specter, the suspected attacker initially transferred more than $3.7 million worth of assets from Hedera to Ethereum. The funds were reportedly swapped from Wrapped Bitcoin (WBTC) into Ether (ETH) after completing the cross-chain movement.

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 (@SpecterAnalyst) July 11, 2026

Additionally, security firm PeckShield tracked the wallet activity and estimated that millions in assets had reached Ethereum. The firm identified significant ETH and WBTC holdings in the wallet, although the ownership of the address remains unconfirmed.

The reported incident follows a separate exploit affecting Bonzo Finance, Hedera’s largest lending protocol. 

The platform was paused after an attacker exploited an oracle vulnerability involving SAUCE token pricing, resulting in approximately $9 million in losses.

The Bonzo Finance exploit involved manipulation of price data supplied through Supra’s oracle verification system. Consequently, the attacker was able to use inflated collateral values to borrow assets from the lending platform.

However, researchers have not confirmed whether the cross-chain movements are directly connected to the Bonzo Finance attack. Investigations remain ongoing as security teams monitor wallet activity and additional transactions.

HBAR Price Falls as Investigation Continues

Meanwhile, Hedera’s native token HBAR experienced downward pressure following reports of the suspected exploit. Market data showed HBAR trading near $0.069, representing a decline of more than 2% during the market reaction.

The incident has increased attention on security risks within decentralized finance ecosystems. 

Furthermore, repeated oracle-related issues have raised questions about infrastructure reliability across blockchain networks.

At present, no official statement from the Hedera team has confirmed the attacker’s identity or the total amount affected. Security researchers continue tracking the involved addresses while waiting for further updates.

The situation remains developing, with market participants closely watching Hedera’s response. Additionally, the broader crypto industry continues evaluating measures needed to strengthen cross-chain security and decentralized application protection.