The blockchain agency Concord has just lately suffered a devastating cyberattack. As confirmed, Concord misplaced crypto property value $100 million, returning which now comes with a $1 million bounty. Regardless of the lure, the stolen quantity wasn’t retrieved till scripting this story.
Concord Misplaced Crypto Property Price $100 Million
The earlier week, Concord – an open blockchain agency – confirmed a cyberattack throughout which the corporate misplaced $100 million.
Particularly, the agency disclosed the incident on June 24, 2022, through tweets from its official account, confirming the incident had impacted the Horizon bridge.
1/ The Concord crew has recognized a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We’ve got begun working with nationwide authorities and forensic specialists to establish the perpetrator and retrieve the stolen funds.
Extra 🧵
— Concord 💙 (@harmonyprotocol) June 23, 2022
In one other tweet, Concord confirmed that the BTC bridge remained unaffected through the incident.
3/ Notice this doesn’t influence the trustless BTC bridge; its funds and property saved on decentralized vaults are protected at the moment.
— Concord 💙 (@harmonyprotocol) June 23, 2022
Sharing additional particulars in a devoted weblog submit, the corporate revealed that it suffered the assault on June 23, 2022, on its proprietary Horizon Ethereum Bridge. As said,
At 5:30 AM PST, a number of transactions occurred that compromised the bridge with 11 transactions that extracted tokens saved within the bridge. The estimated worth on the time of the assault was roughly $100 million USD.
Following this incident, Concord reported the matter to the cybersecurity and alternate companions. Moreover, in addition they introduced the difficulty to the discover of the FBI, which is now investigating the case.
In a subsequent replace, the agency confirmed that the incident concerned no Sensible Contract code breaches or platform vulnerabilities. As an alternative, the incident occurred because the attacker managed to decrypt the saved personal keys and focused the Ethereum facet of the bridge.
$1 Million Bounty Pledged For Returning Stolen Funds
Concord had additionally approached the hacker earlier after detecting the breach. Nonetheless, it didn’t achieve retrieving the stolen cash but. Therefore, whereas the agency continues with the investigations, it has additionally introduced a $1 million bounty for returning the stolen funds. The agency additionally assured no additional advocacy for prison costs in case funds return.
We decide to a $1M bounty for the return of Horizon bridge funds and sharing exploit data.
Contact us at [email protected] or ETH deal with 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.
Concord will advocate for no prison costs when funds are returned.
— Concord 💙 (@harmonyprotocol) June 26, 2022
Whereas it might sound absurd, one can anticipate this lure to work, because it beforehand did for Poly Community. The corporate obtained the stolen funds value $610 million again after the hacker fortunately recognized itself as a “Whitehat.” Therefore, Poly Community rewarded the hacker with a $500,000 bounty.
