Harmony Offers $1M Bounty for Returning Stolen Funds from Recent Hack
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Harmony Offers $1M Bounty Reward
On June 26, the team behind Harmony Protocol offered a $1 million bounty reward for the recovery of its stolen crypto from the hack of its Horizon bridge including information on how the exploit happened.
While the firm assured that no criminal charges would be pursued for returning the stolen funds, it previously stated that it had "begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds."
At the time of writing, the funds are still sitting in the hacker’s address which holds 85,867 ETH worth approximately $104.6 million. However, if the hacker uses crypto mixing services such as Tornado Cash, retrieving the stolen funds will be next to impossible.
Harmony's ONE Token Slumps
Harmony is a layer-1 Proof-of-Stake blockchain. The platform’s Horizon bridge is a cross-chain bridge that allows users to move assets between Harmony's network and Ethereum, Binance Chain, and Bitcoin.
On Thursday, hackers exploited the Horizon Bridge and stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC), and then swapped them for Ethereum.
On the news of the hack, Harmony’s native ONE token went on a downward hill. The token is now currently trading at $0.023, down 5.4% from the past 24 hours, according to data from CoinGecko.