Harmony Dangles A $1M Bug Bounty For Hackers Who Stole $100M In Cryptocurrency
Cyber criminals employ different methods for stealing funds from companies. Some will use ransomware to try and blackmail a company into paying them for stolen data, while others will simply hack their way into a big payday. The latter is the case when it comes to $100 million in cryptocurrency that was reported stolen by Horizon last Thursday on its Twitter account.
In that tweet, the company stated it had identified a theft had occurred that morning from its Horizon bridge amounting to around $100 million worth of cryptocurrency. It indicated that it was working with national authorities and forensic specialist in order to identify the source of the hack and get the stolen funds back.
In follow-up tweets, Harmony shared the Ox address of the suspect(s), and noted that the incident did not impact the trustless BTC bridge that it also owns. The company stated that the trustless BTC bridge funds and assets stored on decentralized vaults were safe at that time.
The theft comes at a very turbulent time for cryptocurrency itself. The values of cryptocurrencies have taken a steep nose dive in recent weeks, as coin holders have been selling off their shares due to the state of the economy. Whether or not a $1 million bounty will encourage someone to either return the $100 million in stolen funds, or provide information that will lead authorities to the thieves is yet to be seen.