HARMONY TEAM TO OFFER $1M TO THE HACKERS WHO EXPLOITED THE HORIZON BRIDGE
The Harmony layer-1 blockchain project team provided a profit of 1% of the $ 100 million crypto stolen in the Horizon Bridge robbery last week.
Harmony wrote on Twitter on June 26 that the team had made $ 1 million to recover the money that was stolen from Horizon Bridge on June 23. It added, "Harmony will not say there will be no criminal cases when the money is returned."
However, concerns have been raised that a small amount of profit may not be enough to motivate the attacker to return the money.
Horizon Bridge is the symbol of the bridge between the Harmony blockchain and the Ethereum network, Binance Chain, and Bitcoin. The Bitcoin bridge was not affected by this exploitation.
Compared to other high-profile exploits this year, Harmony's prowess is relatively low. The $ 10 million given to the Rari Fuse attacker in May was 12.5% of the total stolen. The Beanstalk Finance team provided $ 7.6 million which was 10% of the total misappropriation of the contract in April.
Harmony's cash gift is so low that a crypto merchant known as Twitter degener Spartan called it a "disgraceful price." He added, "Suppose you lose 100m and think you are in a position to get a lowball to get a 1% profit on which these people are doing the art of working to reduce debt."
In a review of the response to the Horizon bridge robbery on June 25, Harmony founder Stephen Tse wrote on Twitter that the robbery was not the result of a breach of contract contract, instead, the team found evidence that private keys were dangerous which led to breach of the bridge.
Tse said the Ethereum side of the bridge had moved "to 4-5 multisig since the incident." The vulnerability of a multisig wallet that requires only two out of five signatures was revealed by a member of the public in April, but the issue has not been resolved by the Harmony team so far.
A multisig wallet is a crypto wallet that requires multiple key holders to authorize transactions. These wallets are often used in crypto projects.
As of the time of writing, the Horizon Bridge hacker has not transferred any stolen funds to the Tornado Cash, Ether (ETH) mixer, or any other anonymous person.
Hope is not lost on Harmony, as its $ 1 million profit is not a small part of the lost revenue. In 2021, Poly Network's collaborative platform was robbed of $ 610 million. The $ 500,000 group gift was 0.08% of the total amount stolen. The gift was rejected, but fortunately the money was returned anyway.