fbpx

Harmony to Award a $1M Prize for Info Relating to $100M Hack

“The Bridge is Over” – that was the message left by the notorious fraudsters who managed to steal $100 million from the Horizon bridge. The ill-gotten loot included stablecoins USDC and UDST, along with Altcoins BNB, Sushi, Aave and others. To drain the Horizon bridge, the hackers exchanged all of the assets into Ethereum (ETH), forcing Harmony to halt all activities on the bridge.

Payback Time for Harmony

Harmony’s blockchain bridge enables users to transfer digital assets between different blockchains, the most notable of which are the Binance Smart Chain, Ethereum, Bitcoin, and Harmony networks. The hacker used this to their advantage, stealing a variety of digital assets spanning NFTs, metaverse Land, and wrapped Ethereum.

In direct response to the $100 million hack, which took place on Thursday, June 23rd, Harmony has “begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds”. Interestingly, according to a tweet, Harmony may already have the predator’s address.

Harmony has reportedly made multiple other attempts to get in touch with the fraudster. According to the project: “the team has attempted communication with the hacker with an embedded message in a transaction to the culprit’s address”, but successful contact has yet to be made.

In a further measure to bring a satisfying conclusion to the ordeal, the Harmony Protocol has offered up a $1 million reward fund for anyone who brings forth valuable information that leads to the resolution of the crime. As an additional incentive for their hacker to come forward, Harmony has promised to “advocate for no criminal charges once the funds are returned”.

Harmony (ONE) Down 11.1% in the Last 7 Days

The company’s native token, ONE, is trading at $0.0237 at press time, according to CoinGecko, which represents an eye watering drop of 93.8% from its all time high of $0.379 set on October 26th, 2021. Standing a far cry from its former glory, ONE was among the ranks of the Altcoins that took a beating from the recent market crash, and its price has dwindled by 41.7% since May. Now, with the $100M hack adding insult to injury, the dark cloud of recent misery continues to follow Harmony.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.