US crypto firm Harmony hit by $100 million heist

Published June 24, 2022
Representations of virtual cryptocurrencies are seen in this illustration taken on November 28, 2021. — Reuters/File
Representations of virtual cryptocurrencies are seen in this illustration taken on November 28, 2021. — Reuters/File

US crypto firm Harmony said on Friday that thieves stole around $100 million worth of digital coins from one of its key products, the latest in a string of cyber heists on a sector long targeted by hackers.

Harmony develops blockchains for so-called decentralised finance — peer-to-peer sites that offer loans and other services without the traditional gatekeepers such as banks — and non-fungible tokens.

The California-based company said the heist hit its Horizon "bridge", a tool for transferring crypto between different blockchains — the underlying software used by digital tokens such as bitcoin and ether.

Thefts have long plagued companies in the crypto sector, with blockchain bridges increasingly targeted. Over $1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic.

Harmony tweeted that it was "working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds", without giving further details.

It did not immediately respond to requests for comment sent via email and social media.

Elliptic, which tracks publicly visible blockchain data, said the hackers stole a number of different cryptocurrencies from Harmony, including ether, Tether, and USD Coin, which they later swapped for ether using so-called decentralised exchanges.

In March, hackers stole around $615 million worth of cryptocurrency from Ronin Bridge, used to transfer crypto in and out of the game Axie Infinity. The United States linked North Korean hackers to the theft, one of the ever.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Plugging the gap
06 May, 2024

Plugging the gap

IN Pakistan, bias begins at birth for the girl child as discriminatory norms, orthodox attitudes and poverty impede...
Terrains of dread
06 May, 2024

Terrains of dread

KARACHI, with its long history of crime, is well-acquainted with the menace. For some time now, it has witnessed...
Appointment rules
06 May, 2024

Appointment rules

IT appears that, despite years of wrangling over the issue, the country’s top legal minds remain unable to decide...
Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....