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US crypto firm Harmony hit by $100 million heist

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US crypto agency Concord stated Friday that thieves stole round $100 million value of digital cash from certainly one of its key merchandise, the newest in a string of cyber heists on a sector lengthy focused by hackers.

Concord develops blockchains for so-called decentralized finance — peer-to-peer websites that provide loans and different companies with out the standard gatekeepers equivalent to banks — and non-fungible tokens.

The California-based firm stated the heist hit its Horizon “bridge,” a device for transferring crypto between completely different blockchains — the underlying software program utilized by digital tokens equivalent to bitcoin and ether.

Thefts have lengthy plagued firms within the crypto sector, with blockchain bridges more and more focused. Over $1 billion has been stolen from bridges to date in 2022, in accordance with London-based blockchain analytics agency Elliptic. 

Cryptocurrencies sold on mobile app.
Concord stated the heist hit its Horizon “bridge,” a device for transferring crypto between completely different blockchains — the underlying software program utilized by digital tokens equivalent to bitcoin.
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Concord tweeted that it was “working with nationwide authorities and forensic specialists to determine the wrongdoer and retrieve the stolen funds,” with out giving additional particulars.

It didn’t instantly reply to requests for remark despatched through e-mail and social media.

Elliptic, which tracks publicly seen blockchain knowledge, stated the hackers stole quite a few completely different cryptocurrencies from Concord, together with ether, Tether, and USD Coin, which they later swapped for ether utilizing so-called decentralized exchanges.

In March, hackers stole round $615 million worth of cryptocurrency from Ronin Bridge, used to switch crypto out and in of the sport Axie Infinity. The USA linked North Korean hackers to the theft, one of the ever.