Harmony Protocol has offered a $1 million reward for the return of stolen funds and any information about the hack that targeted the protocol last week.
Fund Return Request Promises No Charges
The Harmony team has offered a bounty for the return of the $100 million worth of altcoins stolen in last week’s Horizon bridge hack, claiming that no criminal charges will be filed against the perpetrators. The call also includes a request for more information on how the hack occurred. So far, the team has deduced that the hackers were successful in compromising private keys and gaining access.
The team stated on Twitter that, we pledge a $1 million reward for the return of Horizon bridge funds and the sharing of exploit information… When the funds are returned, Harmony will fight for no criminal charges.
Frax, Wrapped ETH, Aave, SushiSwap, Frax Share, AAG, Binance USD, Dai, Tether, Wrapped BTC, and USD Coin were among the altcoins targeted by the hack. Tokens worth $100 million were channeled into a single wallet before being exchanged for ETH on Uniswap.
The Crypto Community Rejects Lowball Offer
The disproportionate bounty amount, on the other hand, has taken the crypto community by surprise. The general consensus is that the offered $1 million is a drop in the bucket for the return of a $100 loot amount. The Twitter community believes that the offer should be much higher in order to be considered seriously.
Some Twitter users reacted to the announcement by saying –
Didn’t they take about a hundred million? What is a million going to do?
Really? Only 1 million out of 100 million? To be taken seriously, I believe you must offer at least $8 million.
I doubt 1 million will suffice for the hacker; I may have to up for and hope they respond.
How Did The Bridge Get Hacked?
The Harmony bridge’s multisigs have previously been criticized for their lack of stability. According to reports, only two of the four multisigs secured the bridge. As a result, two signees could easily gain control of the funds.
However, Stephen Tse, the Founder, and CEO of Harmony Protocol have clarified that no vulnerabilities or smart contract breaches have been discovered on the Horizon platform, nor were there any hint of the same. According to Tse’s tweets, the vulnerability was caused by some compromised private keys.
He said on Twitter that the Harmony blockchain’s consensus layer remains secure… The team discovered proof that private keys were compromised, resulting in the breach of our Horizon bridge. On the Ethereum side of the bridge, funds were stolen.
He explained that, despite being double encrypted, the attacker was able to access and decrypt the private keys, which he then used to authorize the malicious transactions.
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