Horizon served as a link between Ethereum, Binance Chain, and Bitcoin. The Horizon bridge to the Horizon layer-one chain was compromised, and the hacker took almost $100 million in assets.
Harmony protocol is offering a one million dollar bounty to the hacker to return 100 million worth of stolen assets
This bounty announcement is possibly another attempt to persuade the hacker to return the proceeds of the exploit. However, Harmony has stated that once the assets are returned, they will not press any criminal charges against the hacker.
No smart touch vulnerability was exploited in this assault, according to a tweet from Harmony’s CEO and founder. He also indicated that the new information implies that private keys were hacked. He also claimed that Harmony’s private keys were encrypted and stored with the use of a key management and password mechanism. Following the decoding of some of these private keys, the attacker might have used their signatures to sign illegal transactions.
The ONE token, Harmony’s native token, plummeted by 12 percent in just 24 hours after the vulnerability was made public. Despite the fact that bitcoin was approaching the $21,000 mark in the bigger market.
Attacks against bridges cost more than $1 billion in 2022 alone which allows users to transfer tokens across blockchains, Wormhole Bridge lost $326 million in a February breach, while Ronin lost $625 million in an April attack.