Layer 1 blockchain protocol Concord ONE/USD has supplied a bounty of $1 million for details about a theft on the Horizon bridge amounting to round $100 million, during which tokens together with Wrapped Ethereum WETH/USD, Aave AAVE/USD, SushiSwap SUSHI/USD, DAI DAI/USD, Tether USDT/USD and USD Coin USDC/USD had been stolen.
“Concord will advocate for no prison fees when funds are returned,” the corporate said.
Concord Working With FBI To Retrieve Funds
Concord had earlier recognized the tackle of the perpetrator and had said its group was working with “nationwide authorities and forensic specialists” to retrieve the stolen funds.
The corporate had additionally stated it was “working across the clock” alongside the FBI and “a number of cyber safety companies.”
The Horizon bridge was stopped to stop additional transactions, and the corporate stated that the exploit doesn’t have an effect on its trustless Bitcoin BTC/USD bridge. “Its funds and belongings saved on decentralized vaults are secure presently,” the corporate stated.
Native Token Tumbles 10%
Concord’s native token, after nose-diving 10% following the assault, is at the moment buying and selling decrease by 2.97% at $0.02261 late Monday afternoon.
Launched in 2019 by Stephen Tse, Concord Protocol is a proof of stake blockchain and its Horizon bridge is a cross-chain bridge that enables customers to maneuver their belongings from one blockchain to a different. Customers can transfer their belongings between Concord’s community and Ethereum ETH/USD, Binance Chain and Bitcoin.
Cross-Chain Bridges Underneath Assault
Cross-chain bridges have lately been attacked various occasions by hackers. In January 2022, Qubit Finance’s bridge was hacked for $80 million and a month later, hackers stole $320 million from the Wormhole bridge. In March, $622 million price of Ethereum and USDC Coin USDC/USD had been stolen from Axie Infinity’s Ronin bridge.
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