Crypto firm Harmony says hackers steal $100 mn digital coins

U.S. crypto firm Harmony said hackers have stolen around $100 million worth of digital coins from one of its key products, Reuters news report said.
Dollar spending on technologyHarmony develops blockchains for 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 crypto 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 targeted 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.

Elliptic, which tracks 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 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.