Harmony Protocol team offering a $1 million prize for stolen cryptocurrencies

For information that results in the restitution of $100 million in alternative currencies that were stolen from its Horizon bridge, the Harmony Protocol team is offering a $1 million prize.

Discovery of hacker’s address 

Cross-chain bridges have recently become the focus of hackers. 

Hackers took $80 million from Qubit Finance’s bridge in January, $320 million from the Wormhole bridge in February, and $622 million in Ethereum and USDC from Axie Infinity’s Ronin bridge in March.

Hackers stole $100 million worth of Tether (USDT), Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, and USD Coin (USDC) on Thursday before exchanging them for Ethereum.

According to a tweet, the Harmony team has subsequently discovered the hacker’s address and is collaborating with “national authorities and forensic specialists” to recover the funds that were taken.

When money is refunded, Harmony will fight for no criminal charges, the company’s official Twitter account stated on Saturday.

Following the hack, Harmony also ceased all Horizon bridge operations. As of this writing, the price of its native ONE token was $0.02445, which is 8.5% less than it was on Friday before the breach was detected.

A layer-1 proof-of-stake blockchain is Harmony. Users may transmit assets from one blockchain to another via the company’s cross-chain Horizon bridge. Users of Horizon may transfer assets between Ethereum, Binance Chain, and Bitcoin, and Harmony’s network.

ALSO READ – Here Is When Shiba Inu Burn Portal Rewards Might Be Shared

Harmony coin

Although the Harmony coin is active in various well-known blockchain sectors like DeFi and NFTs, it competes fiercely with other dApp platforms like ethereum, Cardano, and Solana. 

Still, your circumstances and level of risk tolerance will determine if the ONE coin has any potential for your investment portfolio. 

You should calculate the amount of risk you are willing to accept before investing in Harmony ONE. Likewise, never risk investing funds that you cannot afford to lose.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

Latest posts by Steve Anderrson (see all)