Hedera Network suspected hack sees over $5.8 million bridged to Ethereum

Hedera Network appears to have suffered a suspected hack on July 11, with blockchain investigators tracing more than $5 million in funds bridged from Hedera to Ethereum and converted from WBTC into ETH. Specter first put the losses above $3.7 million before later raising the running total past $4 million and then to more than $5 million, while PeckShield said about $5.25 million had already moved from Hedera Mainnet to Ethereum. PeckShield also said the tracked wallet was initially funded with 1 ETH from Tornado Cash and later held about 2,360 ETH worth roughly $4.25 million and 15.58 WBTC worth around $1 million. A separate onchain observer, @0xNox, also said more than $4 million had been bridged through LayerZero using WBTC-to-ETH swaps. Hedera had not publicly commented at the time of reporting. The incident also revived criticism of the network’s traceability, with ZachXBT saying Hedera is “basically a privacy chain because it’s block explorer is so bad,” even though the network uses a hashgraph consensus system rather than a conventional blockchain. The episode may test Hedera’s enterprise-focused security narrative as it continues adding council members such as McLaren Racing and Accenture in 2026. HBAR traded around $0.068, down about 4% over 24 hours, giving the token a market capitalization of roughly $2.98 billion, according to CoinMarketCap.