Home Altcoin Concord Gives $1M Bounty After Discovering $100M Altcoin Hack – Decrypt

Concord Gives $1M Bounty After Discovering $100M Altcoin Hack – Decrypt

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The crew behind Harmony Protocol is providing a $1 million reward for info resulting in the return of $100 million in altcoins stolen from its Horizon bridge.

“Concord will advocate for no legal fees when funds are returned,” the corporate’s official Twitter account posted on Saturday.

On Thursday, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT) and USD Coin (USDC), after which swapped them for Ethereum.

The Concord crew has since discovered the handle of the hacker and is working with “nationwide authorities and forensic specialists” to retrieve the stolen funds, according to a tweet.

Concord additionally halted all Horizon bridge exercise following the hack. Its native ONE token has dipped, and as of this writing was buying and selling for $0.02445—8.5% decrease than earlier than the hack was found on Friday.

Concord is a layer-1 proof-of-stake blockchain. Its Horizon bridge is a cross-chain bridge, which means it permits customers to ship property from one blockchain to a different. Horizon customers can transfer property between Concord’s community and Ethereum, Binance Chain, and Bitcoin. 

Hackers not too long ago have been focusing on cross-chain bridges. Qubit Finance’s bridge was hacked for $80 million again in January, thieves stole $320 million from the Wormhole bridge a month later, and hackers drained $622 million in Ethereum and USDC from Axie Infinity’s Ronin bridge in March.

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