Cryptocurrency

Harmony announces a $1 million bounty for Horizon bridge stolen funds recovery

👋 Want to work with us? CryptoSlate has a small number of positions!

The Harmony Network on June 24 revealed that hackers abused the bridge on the horizon and robbed $ 100 million.However, the Layer-1 blockchain publication On June 26, it announced that it was offering a $ 1 million bounty for recovery.

This announcement follows a similar pattern adopted by cryptocurrency institutions that suffer from exploits attempting to recover stolen funds.

Previous harmony Said “We have begun working with national authorities and forensic experts to identify the perpetrators and recover the stolen funds,” he said.

The Bounty announcement is probably a further attempt to encourage hackers to return exploit revenue. However, Harmony said, “I insist that I will not be held criminally liable if the funds are returned.”

Is recovery possible?

The Horizon Bridge attack was added to the ever-growing list of cross-chain bridges in 2022 and is one of the largest ever. However, the most important issue remains whether Harmony can recover the stolen funds.

At the beginning of June, the Optimism Foundation was able to recover the funds stolen in the hack, resulting in the loss of 20 million Optimism (OP) tokens. The Foundation has revealed that the hacker is a white hat, an ethical security hacker. In addition, the hacker held 2 million tokens as a prize.

Similarly, Poly Network was hit by a $ 610 million exploit in August 2021 and announced a $ 500,000 bounty for its recovery. As with Optimism, the hacker returned the stolen item and won a job from PolyNetwork.

On the other hand, the cross-chain bridges Wormhole and Ronin were unable to recover the profits of the exploits on the bridge.

Meanwhile, Harmony’s Native ONE token plummeted on hacking news, but recovered slightly. According to CoinMarketCap, tokens are currently trading at $ 0.024, up 0.30% in the last 24 hours.

Related Articles

Back to top button