Thieves stole about $100 million worth of digital coins from one of its key products, U.S. encryption firm Harmony said on Friday, the latest in a long-running string of cyber heists against the industry.
Harmony develops blockchains for so-called decentralized finance — peer-to-peer websites that offer loans and other services without traditional gatekeepers like banks — and non-fungible tokens.
The California-based company said the heist hit its Horizon “bridge,” a tool for transferring cryptocurrencies — digital tokens like bitcoin and ether — between different blockchains The underlying software used.
Theft has long plagued companies in the crypto space, and blockchain bridges are increasingly being targeted. More than $1 billion has been stolen from bridges as of 2022, according to London-based blockchain analytics firm Elliptic.
Harmony tweeted that it was “cooperating with state authorities and forensic experts to identify the culprit and recover the stolen funds,” without providing further details.
It did not immediately respond to requests for comment sent via email and social media.
Elliptic, which tracks publicly visible blockchain data, said the hackers stole a number of different cryptocurrencies from Harmony, including ether, Tether and USD Coin, which they later exchanged for ether using a so-called decentralized exchange.
In March, hackers stole around $615 million worth of cryptocurrency from the Ronin Bridge, which was used to transfer it in and out of the game Axie Infinity. The U.S. links North Korean hackers to the theft in one of the largest thefts ever.