HomeTechConcord Publicizes $1 Million Bounty to Assist Return $100 Million Misplaced in...

Concord Publicizes $1 Million Bounty to Assist Return $100 Million Misplaced in Hack

Layer-1 Concord’s Horizon Bridge has been hacked for the sum of roughly $100 million (roughly Rs. 784 crore), changing into the most recent blockchain bridge whose safety frailty has been exploited in latest months. The Concord group revealed the breach on Friday, noting that it has instituted preliminary actions to revive normalcy to the Horizon Bridge. On Sunday, it introduced a $1 million bounty for the return of the funds and knowledge on the exploit. The ill-gotten loot included stablecoins USD Coin and Tether, together with altcoins BNB, Sushi, Aave, and others. To empty the Horizon bridge, the hackers exchanged the entire belongings into Ether, forcing Concord to halt all actions on the bridge.

“The Concord group has recognized a theft occurring this morning on the Horizon bridge amounting to approx. $100 million,” the Concord group mentioned in a tweet, including that it’s coordinating with the related our bodies to determine the attackers. “We have now begun working with nationwide authorities and forensic specialists to determine the perpetrator and retrieve the stolen funds.”

> 4/ We have now additionally notified exchanges and stopped the Horizon bridge to forestall additional transactions. The group is all fingers on deck as investigations proceed.
> We’ll preserve everybody up-to-date as we examine this additional and procure extra data. > > — Concord ???? (@harmonyprotocol) June 23, 2022

For the reason that information broke, the Concord group has discovered the deal with of the hacker and is working with “the FBI and several other cybersecurity companies” to retrieve the stolen funds, in keeping with a tweet.

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The group behind Concord protocol can be providing a $1 million (roughly Rs. 7.8 crore) reward for data resulting in the return of $100 million (roughly Rs. 784 crore) in altcoins stolen from its Horizon bridge, in addition to exploit data, and says it’ll “advocate for no legal fees when funds are returned.”

> We decide to a $1M bounty for the return of Horizon bridge funds and sharing exploit data.
> Contact us at [email protected] or ETH deal with 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.
> Concord will advocate for no legal fees when funds are returned. > > — Concord ???? (@harmonyprotocol) June 26, 2022

Concord’s bridge permits customers to switch digital belongings between completely different blockchains, probably the most notable of that are the Binance Good Chain, Ethereum, Bitcoin, and Concord networks. The hacker used this to their benefit, stealing a wide range of digital belongings spanning NFTs, metaverse land, and wrapped Ether.

Hackers just lately have been focusing on cross-chain bridges. Qubit Finance’s bridge was hacked for $80 million (roughly Rs. 628 crore) again in January, thieves stole $320 million (roughly Rs. 2,510 crore) from the Wormhole bridge a month later, and hackers drained $625 million (roughly Rs. 4,730 crore) in and USDC from Axie Infinity’s Ronin bridge in March.



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