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Hedera Network Reportedly Hit by Exploit With Losses Climbing Past $5 Million
beincryptoJul 11, 2026
Hedera ($HBAR) has reportedly suffered an exploit, which caused losses of more than $5 million. Blockchain researcher Specter first flagged the incident on Saturday. The attacker moved stolen assets off Hedera and converted them into Ethereum ($ETH), according to on-chain trackers monitoring the wallets. The tracked figure has climbed steadily since the theft surfaced.
Specter reported that the attacker bridged funds from Hedera to Ethereum using LayerZero ($ZRO). The stolen holdings were swapped from Wrapped Bitcoin ($WBTC) into ETH. The tracked total rose quickly. It moved from $3.7 million to more than $4 million, then to more than $5 million.Security firm PeckShield later put the bridged amount at about $5.25 million. It said the attacker’s wallet held roughly 2.36K $ETH, worth $4.25 million, and 15.58 $WBTC, worth about $1 million. PeckShield added that the attacker originally funded the wallet with 1 $ETH routed through Tornado Cash, a mixing tool often used to obscure the source of funds.The incident adds to a run of thefts this month. According to DefiLlama, three hacks targeting crypto platforms occurred in July, resulting in combined losses exceeding $28 million. Those include a $6 million exploit of the DeFi protocol Summer.fi and a $20 million governance attack on the BONK DAO.The pace reflects a wider trend. Security incidents climbed roughly 50% in the first half of 2026, even as total losses fell, according to a SlowMist report. Hedera has not issued a public statement on the current incident as of press time. BeInCrypto has reached out to Hedera for comment. This is a developing story.
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