Crypto firm Harmony today suffered a cyber attack and lost $100 million to the attackers.
Harmony Lost $100 Million in 11 Transactions
The exploit started at 7:08 am UTC and lasted less than 20 mins. During the act, the hacker successfully penetrated the system and carried out 11 transactions, carrying a fraction of the total funds with each exchange.
They moved the stolen amount, which was in Altcoin to Uniswap to convert to Ethereum. After the swap, the attacker sent the moved ETH to the initial wallet to complete the process.
Harmony native token ONE, is currently down by more than 3%. However, in the aftermath of the attack, the crypto asset lost more than 9%. The event also prompted investors to ask questions about the safety of their funds.
In response, the firm maintained that they (the investors) should be calm as their funds are safe. They added that funds stored on the BTC bridge are stored in a different decentralized vault and are safe and intact.
Efforts are Underway to Recover the Stolen Funds
The security team at Harmony has disclosed the hacker’s wallet, which makes it easier to recover the stolen funds. The team will be looking to collaborate with other security groups to ensure the cryptocurrencies remain in that wallet until they are recovered.
As at the time of writing, the affected firm is also in contact with other trading platforms to stop transactions on Harmony bridge to prevent further exchanges.
The crypto company losing $100 million is one of the many cyber attacks crypto projects have experienced. One of the biggest yet is the Ronin hack. In March, the Lazarus group hacked the network and carted away $625 million.
The last update on recovering the funds was that the United States OFAC has placed wallets holding the stolen cryptocurrency on the SDN list. This means that they would be unable to carry out any transactions using the wallet.
