Cryptocurrency

Harmony Crypto Protocol Offers $1M USD Recovery Reward Following $100M USD Hack

Hackers stole BUSD, USDC, ETH, and WBTC from the platform.

Cryptocurrency

Harmony Crypto Protocol Offers $1M USD Recovery Reward Following $100M USD Hack

Hackers stole BUSD, USDC, ETH, and WBTC from the platform.

On Thursday, June 23, Harmony — a layer 2 protocol based on the Ethereum blockchain known for its low fees and fast transaction speeds — was hacked for $100 million USD in cryptocurrency. In an effort to recover the stolen funds, the protocol is now offering a $1 million USD reward for any information leading to the return of the assets.

The protocol utilizes bridges to offer cross-chain transfers with Ethereum, Binance, and more, and its Horizon Bridge was exploited by hackers.

The $100 million hack was comprised of BUSD, USDC, ETH, and WBTC.

CEO Stephen Tse said that Harmony is working alongside the FBI and several cybersecurity firms to recover the stolen funds and that the company’s engineers are narrowing down the attack vectors. To protect from further exploits, the platform has taken advanced security measures and also suspended its Horizon Bridge for the time being.

Tse says that the company is dedicating all of its resources to understanding the cause of the hack and aims to communicate any findings with its global community.

In an effort to put the communities mind at ease, Harmony shared that it will be shifting both its content and communication teams to assist in relaying communications internally and externally as the investigation continues. The platform also shared that its investigation teams are made up of engineers from around the world, who are working 24/7 to find a solution.

Elsewhere in Crypto, SEC Chair proposes co-regulation of crypto with CFTC.

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