A cryptocurrency hacking group recently attacked Harmony’s cryptocurrency company, presumably from within the US. Following a significant hack in the most recent hours, the blockchain company lost approximately $100 million.

Hacks against these businesses are rising along with interest in cryptocurrencies and Blockchain networks among Americans and people in other countries. Over 100 cryptocurrency thefts totaling over $1 billion were reported in 2022. Investigative organizations like the FBI deal with the majority of these attacks.

Crypto-hackers target Harmony in their attack

According to a tweet from the network, Crypto hackers targeted the open Blockchain network Harmony on Thursday. Harmony said the hackers moved the data through a different link.

To detect crypto hackers, the corporation works hard with the FBI, a government investigation agency in the United States. By doing this, Harmony formally joins the category of cryptocurrency companies that have suffered financial losses due to armed organizations from their home nation or other regions.

According to blockchain network analytics vendor Elliptic, crypto losses may have exceeded $1 billion. Elliptic further notes that the rise in worldwide technology utilization coincides with increased theft committed by cryptocurrency hackers.

Hackers prioritize crypto bridges

To complete their crimes, cryptocurrency hackers use crypto bridges. These additional connections snoop on crypto operations and redirect them to the wallets of the perpetrators. Bridges, however, enable the theft and laundering of money through numerous transactions to the same source.

It is currently unknown who or what organization is responsible for the heist; however, they could be from the nation of North Korea. The federal agency claimed the North Korean region might be to fault for the loss of more than $615 million in cryptocurrency funds in April. According to the FBI, North Korea may be engaging in crypto-scams involving video games.

The cryptocurrency market is still recovering, with Bitcoin, the token with the greatest market capitalization, seeing a price increase of more than 2%, per CoinMarketCap. The tech-focused view for the second half of 2022 appears good as this bullish trend is anticipated to continue. In the upcoming days, Harmony might make headway in its pursuit of crypto-hackers.


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