The news comes recently as cybercrime is proving to be a headache for e-commerce and many other internet-based organizations. Hacking into their systems and stealing an organization’s vital collateral such as data, personal details and even financial assets is a potential risk, also reported recently.A US-based cryptocurrency company HARMONY, the cryptocurrency exchange, recently issued a statement on Friday saying the company had reported cyber theft as some cybercriminals stole About $100 million worth of equity digital coins from one of their product application bridges, read on for full details on getIndianews.com below. Follow for more updates at GetIndiaNews.com
The news circulating on social media platforms is a serious trauma for financial institutions as cybercriminals have been targeting the sector since its launch, and cryptocurrencies have been a favorite target for hackers because it is easy to make money if they have access to it. , Harmony development system e-commerce series is called decentralized finance end-to-end encryption, Harmony website provides loan services without any subsequent security, and it is the company’s own fault to engage in such a high risk of hacking.
Since these platforms are more prone to such incidents, they act as cryptocurrency banks for non-fungible crypto tokens such as Bitcoin and Ethereum, Ethereum. Harmony, an e-commerce and financial trading company headquartered in California, U.S., reported a cyber theft of $100 million, as its executives and senior officials Harmony said the theft entered the system through an exchange portal that acts as a bridge to the end-to-end data destination, the “bridge” dubbed Horizon.
It is a software tool for transferring funds in the form of equity value cryptocurrencies between different blockchains connected to the central server of the organization, as all chains are connected to the same system through the platform operating software used by the platform for transactions on behalf of Coins such as Bitcoin and another coin such as Bitcoin and Ethereum.
In 2021, Blockchain Bridges attacks on cryptocurrency transactions are increasingly targeted, according to an analysis by the London-based Blockchain Cybercrime Survey, where many companies reported government attacks on cryptocurrencies of this type earlier this year. , and over ($1 billion) have been stolen from e-commerce companies in the crypto space.
Thieves are familiar with blockchain bridge software, and it is easy for cybercriminals to gain access to software systems implemented by companies by hacking blockchain bridges. Harmony tweeted on its official website that it was working with authorities and forensic experts to identify the culprit and recover the stolen funds, but did not provide any further details of the investigation.
Earlier, the company did not disclose the theft on the social media platform, as many different cryptocurrencies were reportedly stolen from HarmonyE-commerce, which tracks blockchain data, and hackers stole several different currencies, including bitcoin coins and dollar coins. They later swiped their cards with other cryptocurrencies on decentralized exchanges. Next in March, hackers stole $615 million worth of cryptocurrency from some Bridges using unlimited transfer cryptocurrency. The United States has linked a North Korean hacker to the theft.