Blockchain Startup Harmony Says $100 Million Was Stolen From Its Service

A popular product on the Harmony network was exploited for over $100 million in cryptocurrencies in what is one of the biggest crypto hacks in recent weeks. From a report: "The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM," the network's developers said in a tweet. "We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds. The Federal Bureau of Investigation (FBI), the domestic intelligence and legal enforcement agency of the U.S., and cybersecurity firms have joined the search for the attacker, they said in a subsequent tweet. Harmony's native ONE token slumped on news of the exploit, taking its decline in the past 24 hours to more than 12%.

Ha ha ha! =)))

[VeryFluffyBunny]

Ha ha ha! =)))

Re:

[VeryFluffyBunny]

Here's TFS translated into pirate for you,

"The 'armony team 'as identified a theft occurrin' this here mornin' on the 'orizon bridge amountin' to approx. $100mm," the network's developers said in a tweet. "we 'ave begun workin' with national authorities an' forensic specialists to identify the culprit an' retrieve the stolen funds. The Federal Bureau o' Investigation (FBI), the domestic intelligence an' legal enforcement agency o' the U.S., an' cybersecurity firms 'ave joined the search fer the attacker, they said in a subsequent tweet. 'armony's native ONE token slumped on news o' the exploit, grabbin' its decline in the past 24 'ours to more than 12%.

I'm assuming that the pirates will spend their loot on wine, women & drugs, & then squander the rest.

Bury the ledge much?

[Entrope]

When a $100M heist is only "one of the biggest [] in recent weeks", your system Just Might (tm) have a security and fraud problem.

Re:Bury the ledge much?

[PolygamousRanchKid]

When a $100M heist

Don't worry! With the way crypto is falling, this will soon be only a $1 heist.

Re:

[AmiMoJo]

I can just imagine the FBI agent getting that email, if it even made it past the spam filter.

Re:

[Richard Dick Head]

No, these are all inside jobs. All these exchanges were set up to relieve people of their money. Watch the C-level execs magically disappear into anonymous retired bliss

Re:

[jebrick]

No, these are all inside jobs. All these exchanges were set up to relieve people of their money. Watch the C-level execs magically disappear into anonymous retired bliss

To retire with their ill gotten gains, they need to sell them. As has been proven, the FBI ( or any other agency) can trance the transactions from the blockchains and thus find who "stole" the bits.

Re:

[CrimsonAvenger]

Inflation.

As a million dollars slides down toward the price of a soda, it'll be more and more irrelevant.

Blockchain!

[Joce640k]

Blockchain! Blockchain! Blockchain! Blockchain!

Wasn't blockchain supposed to fix all these pesky "heist" problems?

Re:

[aerogems]

You need a animated GIF of Ballmer saying "Developers! Developers! Developers!" and the replace the text with "Blockchain! Blockchain! Blockchain!"

Re:

[jbr439]

Blockchain! Blockchain! Blockchain! Blockchain!

Wasn't blockchain supposed to fix all these pesky "heist" problems?

I don't know about that, but it was supposed to do my dishes. Still waiting.

Don't worry

[enriquevagu]

They cannot cash out. The exchanges are all getting blocked.

Nothing has been really lost, because the legitimate owners couldn't cash out that amount either.

Re:

[Gilmoure]

[giggle]

Comment removed

[account_deleted]

Comment removed based on user account deletion

Re:

[algaeman]

Do you also worry that your wife, Morgan Fairchild, is going to leave you?

Re:

[account_deleted]

Comment removed based on user account deletion

Rake gag

[jacks smirking reven]

It was funny for the first dozen or so of these stories, now there's been enough that it's kinda boring but at some point it'll keep happening and then it will get really funny again.

I like the fact that we have to say

[rsilvergun]

"biggest heist in recent weeks" for a $100 loss. These are so common that I think at least some of them have to be inside jobs. I mean, you've got a bunch of guys with access to $100 million in assets, little or no regulation or oversight, and they know that at any time those assets could be worthless and they're back to working at the gas station. The temptation to cash out must be overwhelming.

ASIDE: Wrong Quote

[srg33]

The bottom quote on the "Blockchain Startup Harmony Says $100 Million Was Stolen From Its Service" story etc. is wrong per IMDB (and my memory). Wrong: "Gort, klaatu nikto barada." -- The Day the Earth Stood Still https://tech.slashdot.org/stor... [slashdot.org] Correct: "Gort! Klaatu barada nikto!" https://www.imdb.com/title/tt0... [imdb.com]

Re:

[Virtucon]

“Gort! Deglet ovrosco!"

Re:

[Gilmoure]

Klaatu
Barada
Necktie!

Re:

[Virtucon]

Or my favorite... [youtu.be]

"Klaatu Verada Nick <cough> <cough>" - Army Of Darkness

Taxpayer

[The Evil Atheist]

Taxpayers should not be funding any investigations to get their money back.

They wanted to escape the government, that's what they should get. They made their own bed, now they have to lie in it.

https://www.youtube.com/watch?... [youtube.com]

Re:

[Anonymous Coward]

I can see your point but there's a chance that the results of the investigation may be hilarious. Maybe they should investigate but only if they can put the interviews with the cryptonuts online?

Re:

[The Evil Atheist]

For sure. These criminals committed cybercrimes. They should be investigated, caught, and imprisoned for unlawfully accessing computer systems.

Re:

[thegarbz]

Sorry but horseshit. Taxpayers should absolutely be funding tracking of criminals regardless of who we're talking about or what political ideology.

Let's take your example to the natural conclusion: A republican is murdered, police shouldn't bother investigating because the person supported "small government". The position is ridiculous.

Absolutely there should be no government bailout, or financial assistance to the victims (or their customers) for all the reasons you state, but the taxpayer funding the inve

Re:

[Smidge204]

> A republican is murdered, police shouldn't bother investigating because the person supported "small government"

Republicans LOVE the police state, though. In fact in practice Republicans do not actually support "small government" in any meaningful way...

That said, this isn't murder and comparing it to a murder is not the logical conclusion. This is theft and/or fraud. If you create a system specifically to circumvent government oversight, it seems hypocritical at best to expect government enforcement.

A

Re:

[The Evil Atheist]

but the taxpayer funding the investigation of criminal activity

Notice that I said:

Taxpayers should not be funding any investigations TO GET THEIR MONEY BACK.

So, horsehit to you.

Should the government investigate, catch and imprison the criminals? Yes.

Should the any effort be wasted to get the lost crypto non-money back? No.

My statement put both those things in conjunction because that was my intent from the beginning.

and I can't believe I need to remind people of this

I can't believe I need to remind people on a nerd site about conjunctions.

Weeks...

[thegarbz]

You know the state of the industry is just utter shit when someone steals $100m and the story is that this is the biggest heist "in recent weeks".

That's their story, anyway

[Tony Isaac]

Expect to see the company quietly fold, with its executives waiting a while and then buying some of those Russian yachts that have been seized.

Why didn't they keep their money in a bank?

[Ed Tice]

If this company knew anything about crypto-currency, why didn't they keep their money in an FDIC-insured bank where there are regulations and consumer protection? It's one thing if somebody knows nothing about technology and had $100M of purported-value crypto-currency. But these guys are a crypto-currency company and know how it works. That by itself should have been enough for them to keep their assets in USD held at JPMC or Citi or another large institution that has regulation and Tier 1 capital requirements and such.