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Home Altcoin

Harmony Offers $1M Bounty After Discovering $100M Altcoin Hack

by Crypto News
June 26, 2022
in Altcoin
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Harmony Offers $1M Bounty After Discovering $100M Altcoin Hack
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The staff behind Harmony Protocol is providing a $1 million reward for data resulting in the return of $100 million in altcoins stolen from its Horizon bridge.

We decide to a $1M bounty for the return of Horizon bridge funds and sharing exploit data.

Contact us at whitehat@concord.one or ETH deal with 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.

Concord will advocate for no felony fees when funds are returned.

— Concord 💙 (@harmonyprotocol) June 26, 2022

“Concord will advocate for no felony fees when funds are returned,” the corporate’s official Twitter account posted on Saturday.

On Thursday, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT) and USD Coin (USDC), after which swapped them for Ethereum.

The Concord staff has since discovered the deal with of the hacker and is working with “nationwide authorities and forensic specialists” to retrieve the stolen funds, according to a tweet.

1/ On Thursday June twenty third, the Horizon bridge was exploited by a number of people, draining the bridge of roughly $100MM value of Ethereum tokens.

Our investigation staff is working 24×7 to help with figuring out the culprits accountable, and the strategies they used.

— stephen tse 💙 s.one 🌉 stse.eth (@stse) June 25, 2022

Concord additionally halted all Horizon bridge exercise following the hack. Its native ONE token has dipped, and as of this writing was buying and selling for $0.02445—8.5% decrease than earlier than the hack was found on Friday.

Concord is a layer-1 proof-of-stake blockchain. Its Horizon bridge is a cross-chain bridge, that means it permits customers to ship belongings from one blockchain to a different. Horizon customers can transfer belongings between Concord’s community and Ethereum, Binance Chain, and Bitcoin. 

Hackers lately have been concentrating on cross-chain bridges. Qubit Finance’s bridge was hacked for $80 million again in January, thieves stole $320 million from the Wormhole bridge a month later, and hackers drained $622 million in Ethereum and USDC from Axie Infinity’s Ronin bridge in March.

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