A cybercriminal group has recently targeted Harmony, a Californian cryptocurrency firm, and successfully stolen over $100 million. The company made a public announcement via Twitter last Thursday, revealing that they had detected unauthorized transactions on the Horizon bridge resulting in the significant financial loss.
In response to the security breach, Harmony has initiated collaboration with law enforcement agencies and digital forensics experts to identify the perpetrators and recover the stolen funds. The company took proactive measures by disclosing the cryptocurrency address linked to the malicious activity and assured its customers that the remaining assets stored on its blockchain were secure.
Harmony promptly informed cryptocurrency exchanges about the incident and temporarily halted transactions on the Horizon bridge to prevent further unauthorized transfers. The company’s dedicated team is actively investigating the breach, and regular updates are being provided to keep stakeholders informed of the progress.
In a subsequent update on Sunday, Harmony announced a $1 million reward for the safe return of the funds taken through the Horizon bridge and shared details of the exploit. The company expressed its willingness to refrain from pursuing legal action against the perpetrators upon the return of the stolen assets.
Founder Stephen Tse emphasized the importance of confidentiality in maintaining the integrity of the investigation and reassured the community that there was no evidence of a breach in the smart contract code or vulnerabilities in the Harmony blockchain’s consensus layer. However, it was confirmed that private keys were compromised, enabling the cybercriminals to access and misuse funds from the Ethereum side of the bridge.
The Harmony hack adds to the growing list of cryptocurrency-related cybercrimes in 2022, including the Wormhole bridge attack that resulted in the theft of over $320 million worth of Ethereum tokens in February. Harmony’s breach serves as a stark reminder of the constant threat posed by cybercriminals in the digital asset space.
As the investigation into the Harmony breach continues, the company remains committed to safeguarding its platform and enhancing security measures to prevent future incidents. Stay tuned for further updates as Harmony works towards resolving this security breach and protecting its users’ assets.