Wednesday, May 31, 2023

Harmony Offers $1M Bounty After Recent $100M Hack

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Harmony offers $1 million bounty after hackers stole $100 million in altcoins such as AAve, SUSHI, DAI, USDT, USDC, and WETH and then swapped them for ETH so let’s read more today in our latest cryptocurrency news today.

Now, the team behind Harmony offers $1 million bounties for information leading to the return of the $100 million in altcoins stolen from the Horizon bridge. The company’s official Twitter account posted:

“Harmony will advocate for no criminal charges when funds are returned.”

The hackers stole $100 million in AAve, SUSHI, DAI, Tether, USDC, and Wrapped Ethereum and then swapped them for Ethereum. The Harmony team since found the address of the hacker and it is working with national authoriteis and forensic specialists to retrieve the stolen funds. Harmony halted all Horizon bridge activity after the hack and its ONE token dipped as of the time of writing by 8.5% lower or to $0.02445 since the hack was discovered.

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Harmony is also a layer-2 proof of stake blockchain and its bridge is a cross-chain bridge which means it allows users to send assets from one blockchain to another. Horizon also is able to move assets between the network and ethereum, Bitcoin, and Binance Chain. The hackers started targeting cross-chain bridges recently. For example, we saw Qubit Finances bridge being hacked for $80 million and thieves stole $320 million from the Wormhole bridge a month later. Also, we saw hackers stealing $622 million in USDC and Ethereum from the Ronin bridge in March.

As we recently reported, The Horizon Ethereum bridge got attacked by hackers and they managed to steal $100 million in cryptocurrency. The exploit was revealed in a tweet during the early hours of Friday morning. The team revealed that it had identified a theft happening this morning amounting to about $100 million. It went on to add the addresses of the culprit were identified and that the Harmony team is working with authoriteis to retrieve the stolen funds. Harmony noted that it is working around the clock with the help of the FBI and other cyber security companies. The tokens like Wrapped Ethereum, SUSHI, DAI, Tether, AAve, and USD Coin have been stolen from the bridge and got swapped for Ethereum. Harmony also stated that it has stopped the bridge to prevent further transactions and noted that the exploit doesn’t affect the BTC bridge.

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