US Blockchain Company Hacked, Losing Cryptocurrency Worth Approximately 130 Billion KRW

[Image source=Yonhap News]

[Asia Economy Reporter Myung-hwan Lee] American blockchain company Harmony was hacked for virtual currency worth $100 million (about 130 billion KRW), according to major foreign media including The Washington Post (WP) on the 24th (local time).

Harmony is a company that develops blockchain products used in non-traditional financial services such as online peer-to-peer (P2P) lending platforms.

On the same day, Harmony announced the hacking incident on Twitter, stating, "We are working with U.S. authorities and forensic experts to identify the perpetrators and recover the stolen funds."

Blockchain is a type of digital ledger where all transaction records are recorded.

According to the company, the perpetrators hacked the "Horizon Bridge," which transfers Ethereum and Binance chains. When virtual currency stored on one blockchain is sent to another blockchain, a technology called a "bridge" is used, and bridges are frequent targets of hackers.

In March, the blockchain video game "Axie Infinity" also suffered a bridge hack, resulting in damages worth $625 million (about 810 billion KRW).

This content was produced with the assistance of AI translation services.