Concord Pronounces $1 Million Bounty to Assist Return $100 Million Misplaced in Horizon Bridge Hack

Layer-1 blockchain Concord’s Horizon Bridge has been hacked for the sum of roughly $100 million (roughly Rs. 784 crore), turning into the newest blockchain bridge whose safety frailty has been exploited in current months. The Concord workforce 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 data 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 workforce has recognized a theft occurring this morning on the Horizon bridge amounting to approx. $100 million,” the Concord workforce mentioned in a tweet, including that it’s coordinating with the related our bodies to determine the attackers. “We’ve begun working with nationwide authorities and forensic specialists to determine the offender and retrieve the stolen funds.”

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

The workforce behind Concord protocol can be providing a $1 million (roughly Rs. 7.eight 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 prison expenses when funds are returned.”

Concord’s blockchain bridge allows customers to switch digital belongings between totally 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 quite a lot of digital belongings spanning NFTs, metaverse land, and wrapped Ether.

Hackers lately have been concentrating 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 Ether and USDC from Axie Infinity’s Ronin bridge in March.

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