1656265078 Crypto hackers steal 100 million from HARMONY in another major

Crypto hackers steal $100 million from HARMONY in another major hack

Criminals have become more interested in cryptocurrency as its popularity has grown. According to Chainalysis research, cryptocurrency crime reached a new all-time high of $14 billion last year, up from $7.8 billion in 2020.

It’s a difficult time for cryptocurrency, which experienced a meteoric rise during the coronavirus pandemic as homebound Americans turned to investment, with many first-time investors enticed by digital currency’s promises, but in recent months has experienced some grace to grass story.

Yesterday, the U.S. crypto firm Harmony confirmed that an alleged hacker stole approximately $100 million in digital coins from one of its key products, the latest in a series of cyber heists on a sector long targeted by hackers.

The blockchain bridge crypto start-up (Harmony) develops blockchains for decentralized finance — peer-to-peer sites that offer loans and other services without the traditional gatekeepers such as banks — as well as non-fungible tokens.

Bridges allow users to transfer tokens from one blockchain to another. They’ve become a prime target for hackers due to security vulnerabilities in their underlying code.

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The details of the attack are still sketchy, but Harmony, the developers behind Horizon, said they identified the theft Wednesday morning. Harmony singled out an individual account it believes to be the culprit.

In a follow-up tweet, they said;

“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the start-up said in a tweet late Wednesday.

This attack comes after a string of noteworthy attacks on other blockchain bridges. The Ronin Network, which supports the crypto game Axie Infinity, lost more than $600 million in a March security breach. Another popular bridge, Wormhole, lost over $320 million in a separate hack a month earlier.

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