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Monday, August 15, 2022

Harmony Has Offered A Bounty Of $1Million- But Will It Suffice?

The layer-1 blockchain project team for Harmony has gone ahead and offered a bounty that is equal to the top 1% of the $100 million that had been stolen in crypto from the Horizon Bridge hack that took place last week.

The company went on to tweet on the 26th of June that the team had committed a sum of $1 million for the return of the funds which were effectively stolen from the hack on the 23rd of June. The tweet also added that the company would be advocating for no criminal charges if the funds were returned. This has definitely led to concerns about how the modest bounty sum wasn’t big enough to incentivize the attacker to return the funds. 

Harmony Has offered $1 Million To Retrieve $100 Million- Is it A Naive Solution?

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For those who are unaware, the Horizon Bridge is simply a token bridge between the Harmony blockchain and the network of Ethereum, Bitcoin, and the Binance Chain. The bridge of Bitcoin was seemingly not affected by this hack. When one compares this to the other high-profile hacks that took place this year, the bounty provided by the company does rank pretty low.

Rari Fuse offered $10 million to the attacker in May- which was 12.5% of the total stolen amount. The team from Beanstalk Finance also offered $7.6 million which was around 10% of the total exploited sum from the protocol in April.

The bounty offered by Harmony has been decreed so low that Degen Spartan, a crypto trader on Twitter, referred to it as an insulting amount. He also added that there was no point in such a ridiculously low sum- as one couldn’t possibly imagine why the company thought they were in power to lose 100 million dollars and then think that they were in the position to offer a sum of $1 million to get it back. 

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