US crypto firm Harmony hit by $100 million heist

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.
Representative image
Representative image

LONDON: US crypto firm Harmony has said recently 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. 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, as per London-based blockchain analytics firm Elliptic.

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