The Harmony Protocol team is offering a $1 million bounty for information that leads to the return of $100 million in cryptocurrencies stolen from its Horizon Bridge.
On June 26, Harmony tweeted that the team has committed $1 million to the recovery of the stolen altcoins from the Horizon Bridge on June 23.
“Harmony will advocate for no criminal charges when funds are returned,” it said.
Harmony Protocol bounty too low?
The Harmony blockchain, Ethereum network, Binance Chain, and Bitcoin are all connected by the Horizon Bridge, a token bridge. This attack has no impact on the Bitcoin bridge.
There are concerns that the modest bounty amount might not be sufficient to encourage the attacker to return the money.
Harmony’s bounty offer is not as spectacular as other well-known exploits this year. For example, 12.5% of the total amount stolen was represented by the $10 million offered to the Rari Fuse attacker in May. The $7.6 million that the Beanstalk Finance team offered represented 10% of the total money that was exploited in April.
1M?
insulting amount, gfy https://t.co/TgZ0gDOC43
— 찌 G 跻 じ Goblin 𝙎𝙚𝙣𝙥𝙖𝙞 of the 𝙃𝙚𝙣𝙩𝙖𝙞 (@DegenSpartan) June 26, 2022
Horizon Bridge hack
Hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) on Thursday and swapped them for Ethereum.
On June 25, Harmony creator Stephen Tse posted an incident response update regarding the Horizon Bridge exploit, stating that the team had discovered evidence that private keys had been hacked, which had resulted in the breach of the bridge rather than a smart contract code breach.
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 stolen.