Harmony Offers $1 Million Reward for $100 Million Altcoin Hack

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Harmony Offers $1 Million Reward for $100 Million Altcoin Hack

Harmony Offers $1 Million Reward for $100 Million Altcoin Hack
Hackers. Image: Shutterstock
Source: Decrypt
1656322555 27 Jun / 09:35

The Harmony Protocol team is offering a $1 million reward for information leading to the restitution of $100 million worth of cryptocurrencies stolen from its Horizon bridge.

Saturday's tweet from the company's official Twitter account stated, "Harmony will advocate for no criminal charges when funds are returned."

Hackers exchanged $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) for Ethereum on Thursday.

According to a tweet, the Harmony team has discovered the hacker’s address and is collaborating with “national authorities and forensic specialists” to collect the stolen monies.

Following the hack, Harmony ceased all Horizon bridge activities. As of this writing, its native ONE token was trading for $0.02445, 8.5% less than before the breach was detected on Friday.

Harmony is a proof-of-stake layer-1 blockchain. Its Horizon bridge is a cross-chain bridge, allowing users to transfer assets between blockchains. Horizon users can transfer assets between the Harmony network and Ethereum, Binance Chain, and Bitcoin.

Recently, hackers have targeted cross-chain bridges. Hackers took $80 million from Qubit Finance’s bridge in January, $320 million from the Wormhole bridge a month later, and $622 million in Ethereum and USDC from Axie Infinity’s Ronin bridge in March.

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