This is an archive article published on June 25, 2022

U.S. crypto firm Harmony hit by $100 million heist

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. (Image Source: Reuters)

By: Reuters

2 min readJun 25, 2022 09:48 AM IST First published on: Jun 25, 2022 at 09:48 AM IST

U.S. crypto firm Harmony said on Friday 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.

Also Read | Officers committee suggests deferment of decision on levying GST on crypto

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.

# cryptocurrency