The Concord layer-1 blockchain venture crew has supplied a bounty equal to only 1% of the $100 million in crypto stolen from the Horizon Bridge hack final week.
Concord tweeted on June 26 that the crew had dedicated $1 million for the return of the funds that have been stolen from the Horizon Bridge on Thursday. It added, “Concord will advocate for no felony fees when funds are returned.”
We decide to a $1M bounty for the return of Horizon bridge funds and sharing exploit data.
Contact us at email@example.com or ETH tackle 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.
Concord will advocate for no felony fees when funds are returned.
— Concord (@harmonyprotocol) June 26, 2022
Nonetheless, issues have been raised that the modest bounty sum might not be sufficient to incentivize the attacker to return the funds.
The Horizon Bridge is a token bridge between the Concord blockchain and the Ethereum community, Binance Chain, and Bitcoin. The Bitcoin bridge was not affected on this exploit.
In comparison with different high-profile exploits this 12 months, Concord’s bounty supply ranks low. The $10 million supplied to the Rari Fuse attacker in Could was 12.5% of the full stolen. The Beanstalk Finance crew supplied $7.6 million which was 10% of the full exploited from the protocol in April.
Concord’s bounty supply is so low that the crypto dealer identified on Twitter as Degen Spartan referred to as it an “insulting quantity.” He added, “think about shedding 100m and pondering you are ready to lowball for a 1% bounty lmwo these persons are simply doing efficiency artwork to mitigate authorized legal responsibility.”
insulting quantity, gfy https://t.co/TgZ0gDOC43
— 찌 G 跻 じ Goblin of the (@DegenSpartan) June 26, 2022
In an incident response replace on the Horizon bridge hack on June 25, Concord founder Stephen Tse tweeted that the hack was not the results of a sensible contract code breach. As a substitute, the crew discovered proof that non-public keys have been compromised, which led to the breach of the bridge.
1/ An incident response replace on the Horizon bridge hack
Confidentiality is essential to keep up integrity as a part of this ongoing investigation. The omission of particular particulars is to guard delicate information within the curiosity of our neighborhood.
— stephen tse s.one stse.eth (@stse) June 26, 2022
Tse mentioned that the Ethereum aspect of the bridge had migrated “to a 4-5 multisig for the reason that incident.” The vulnerability of the multisig pockets requiring simply two out of 5 signers was introduced up by a neighborhood member in April, however the concern was not addressed by the Concord crew till now.
A multisig pockets is a crypto pockets that requires a number of key holders to approve a transaction. These wallets are generally used at crypto initiatives.
As of the time of writing, the Horizon Bridge hacker has not moved the stolen funds into Twister Money, an Ether (ETH) mixer, or every other anonymizer.
Associated: How can crypto cease getting hacked?
Hope just isn’t misplaced for Concord, as its $1 million bounty just isn’t the smallest proportional to the quantity of funds misplaced. In 2021, the Poly Community interoperability platform was hacked for $610 million. The crew’s bounty supply of $500,000 was 0.08% of the full stolen. The supply was rejected, however fortunately the funds have been returned anyway.