Harmony promises a million dollars!
As you probably know, during an attack on the Horizon protocol Harmony cross-chain bridge, a hacker stole approximately $100 million. The Harmony team has offered a $1 million reward for the return of $100 million stolen as well as information leading to hacks.
Context
The incident happened on 23 June when the attacker was successful in withdrawing 85,837,251 ETH and other assets. At that moment, the team enlisted the help of the FBI and cybersecurity specialists to track out the attacker. Harmony highlights that the hack did not affect the bitcoin bridge, ensuring that all users’ VTCs remain protected. The procedure alerted the exchanges and halted Horizon Bridge throughout the inquiry.
Compensation?
Then, on Twitter, Harmony Protocol promised $1 million in revenue in exchange for $100 million in cryptocurrencies.
If the funds were returned, Harmony said it would promote the lack of criminal proceedings. However, such a little prize (in terms of the theft of course) would not be sufficient to entice the attacker to return the funds. Meanwhile, users in the comments highlighted the modest size of the prize — 1% of the value of the stolen assets. A popular Twitter user going by the username Degen Spartan termed the offer “an insulting amount.”
The hacks might prefer “a million in clean money,” according to Useless CEO David Vili. He believes Harmony’s offer is a “beginning point” in discussions, and he anticipates a settlement in the $3-$6 million area.
According to one commentator, the industry typical for such return conditions is 10% of the sum. In May, an unnamed individual removed around $80 million in assets from Rari Capital’s records. The team promised a refund of $10 million!
Meanwhile, some cryptocurrency experts consider cross-chain bridges dangerous. Vitalik Buterin, the inventor of Ethereum, stated that he likes the notion of a multichain ecosystem but is “pessimistic” regarding cross-chain bridges. He claims that the latter is vulnerable to 51% of assaults.
Buterin claims that cross-chain bridges are more vulnerable to Type 51 percent assaults than Tier 1 networks. He said that even if an attacker gains control of the majority of the blockchain’s power, he will be unable to take away users’ bitcoin since it “would contradict the protocol’s norms.”
The Ethereum creator said that a 51 percent assault might restrict or reverse decentralized applications for a limited period before the network returns to a “consistent state.”
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Valentyna Bereza, Team bit4you.
