Major damage: Crypto fraud: $ 100 million stolen from blockchain company Harmony | news

• By 2022, over a billion dollars were already stolen via “bridges”.

• At the end of June, $ 100 million was stolen via Harmony’s Horizon Bridge

• The investigations are in full swing, the hackers have not yet been found

In late June, hackers stole about $ 100 million from Horizon Bridge from US blockchain firm Harmony. The investigations are still in full swing and the customers’ money is being tried back.


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More and more hacker attacks on “bridges”

So-called “bridges” enable currency transfers between different blockchains. As London-based blockchain analysis firm Elliptic explains in a report on the Harmony robbery, there are often security holes here: The bridges are designed to provide fast money transfers, so only a few authentication steps are required to start a transaction. Due to the low security standards here – compared to other parts of the blockchain – attacks on such bridges have been more frequent recently. In the first half of 2022 alone, fraudsters stole more than a billion dollars across the bridges, according to Elliptic. Before Harmony, companies Multichain, Qubit Finance, Wormhole and Ronin were already victims of such crypto scams this year. Harmony develops blockchains for decentralized financial sector companies that offer loans and other services without relying on a bank.

Investigations and problem solving in full swing

In a statement also released via Twitter, Harmony writes that a global team “is working around the clock to address this issue.” One is in the process of finding possible security holes and finding the culprit. In addition, attempts were made to contact the scammer via his wallet – so far apparently without success.

Elliptic writes in its report that the hackers first tapped various cryptocurrencies (including Ether, Tether and USD Coin) in a total of 14 transactions and then swapped them for Ether at many different decentralized providers. The research firm also points out that earlier this year there was a discussion on Twitter about how safe Harmony Bridge is.

Harmony wants to return as much money as possible to customers

However, it is still unclear whether the robbery could actually have been foreseen. According to its own statements on Twitter, Harmony is initially trying to give so many users their money back.

The exact status of the authorities’ investigations is not known to the public.


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