Blockchain firm Harmony loses $100m in crypto hack

Blockchain firm Harmony claims to have had $100 million worth of crypto stolen from its network, called “Horizon”.

Harmony provides what is known as a “blockchain bridge”, which helps to connect blockchain networks that operate via different cryptocurrencies tokens together, for example Ethereum and Bitcoin.

Harmony’s incident response team said it “has found no evidence in any breaches of our smart contract codes nor vulnerabilities on the Horizon platform” and that the “consensus layer of the Harmony blockchain remains secure”.

Harmony said on Twitter that it has committed a $1 million bounty for the return of the Harmony bridge funds and for sharing exploit information.

In addition, the company claims it will advocate for no criminal charges when the funds are returned.

The attack follows a year dogged with high profile cyber-attacks involving decentralised platforms.

“We want to remind our community that we are in the midst of an ongoing investigation and will continue to keep each and everyone one of you up-to-date as we can,” said Harmony founder and chief executive Stephen Tse. “Thank you for your support as the investigation continues”.

In April, Decentralised credit-based stablecoin business Beanstalk was hacked, resulting in $182 million being drained from the its reserves.

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.