Concord community on June 24 revealed a hacker had exploited its horizon bridge and made away with $100 million. The Layer-1 blockchain, nonetheless, announced on June 26 that it’s providing a $1 million bounty for its restoration.
We decide to a $1M bounty for the return of Horizon bridge funds and sharing exploit data.
Contact us at [email protected] or ETH handle 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.
Concord will advocate for no legal prices when funds are returned.
— Concord 💙 (@harmonyprotocol) June 26, 2022
This announcement follows the same sample adopted by crypto establishments that endure exploits to aim a restoration of stolen funds.
Concord earlier stated that it had “begun working with nationwide authorities and forensic specialists to determine the wrongdoer and retrieve the stolen funds.”
The announcement of the bounty is probably an additional try and encourage the hacker to return the proceeds of the exploit. Nevertheless, Concord said that it “will advocate for no legal prices when funds are returned.”
Is restoration attainable?
The Horizon bridge assault provides to a rising record of cross-chain bridges in 2022 and is likely one of the largest but. Nevertheless, the all-important query stays whether or not Concord may get better the stolen funds.
Earlier in June, Optimism Basis was capable of get better funds stolen in a hack that led to the lack of 20 million Optimism (OP) tokens. The Basis revealed the hacker to be a whitehat, an moral safety hacker. Moreover, the hacker saved 2 million tokens as a bounty.
Likewise, Poly Community suffered a $610 million exploit in August 2021 and it introduced a $500,000 bounty for its restoration. As was in Optimism’s case, the hacker returned the stolen and even scored a job supply from Poly Community.
However, cross-chain bridges, Wormhole and Ronin, weren’t capable of get better the proceeds of exploits on their bridges.
In the meantime, Concord’s native ONE token slumped on the information of the hack however has barely recovered. In accordance with CoinMarketCap, the token is now buying and selling at $0.024, a 0.30% enhance within the final 24 hours.