$100 million stolen from US crypto firm Harmony’s key products

Hackers steal $100 million worth of digital coins

Another cryptocurrency heist as thieves steal 100 million dollars worth of cryptocurrency

Harmony, a California-based cryptocurrency firm, reported that the thieves were able to steal $100 million worth of digital coins. The hackers attacked one of its key products, the ‘Bridge’. The tool is used to transfer cryptocurrency between different blockchains. As per the company, the hackers attacked the tool. 

Blockchain is the technology used by various digital coins like Bitcoin, Ethereum, Dogecoin, Cardano, etc. The tool ‘Bridge’ is used for the transfer of cryptocurrency. Harmony develops blockchain technology for Decentralized Finance (DeFi). This technology offers the transfer of funds, loans, etc., without the involvement of traditional banks and other institutions.

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Scam and cryptocurrency

Thefts and hacks to steal cryptocurrency have long plagued the concept of Defi. The transfer of funds through software like the ‘Bridge’ has also been targeted in the past. As per Elliptic, a London-based blockchain analytics firm, more than $1 billion has been stolen from ‘Bridges’ in 2022 alone. This huge amount should keep the sceptics of cryptocurrencies on the sidelines. Even now, the cryptocurrency holders are considered tech enthusiasts, which is not mainstream yet.  

Related: https://www.tomorrowmakers.com/other-investments/10-crypto-terms-you-should-know-article

Harmony’s response

Harmony said that the global team of the firm is working round the clock to understand the theft and recover the lost digital coins. They were narrowing down the potential hackers and working in different directions to identify the thief. Harmony also tried to contact the hacker via the digital wallet address. 

As per Elliptic, a firm that tracks blockchain data, hackers were able to steal various cryptocurrencies from Harmony. As per the firm, the hackers swapped some digital currencies using the Defi system. The digital currencies include ether, Tether, and USD coin. 

Previously, a hacker stole $615 million in March as well. That money was stolen from Ronin Bridge. Ronin Bridge is used to transfer the money in and out of the game Axie Infinity. As per various reports, those hackers were from North Korea, a rogue nation, as per various agencies. 

Conclusion

Cryptocurrencies are subject to scams and thefts. The common person should be sceptical as of now. The Defi system is prone to hackers, and the general public can lose money to various scams. You should only invest in the things you understand, and if there are cryptocurrencies you do not understand, you can avoid them. 

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