Saturday, August 13, 2022

US crypto firm Harmony hit by $100 million heist

US crypto firm Harmony hit by $100 million heist

NEW YORK (Reuters) - US crypto firm Harmony said 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.