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

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.