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Harmony’s $100M Hack Was Due To A Compromised Multi-Sig Scheme, Says Analyst

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Harmony’s $100M Hack Was Due To A Compromised Multi-Sig Scheme, Says Analyst

On June 23, 2022, the Harmony development team announced that $100 million was siphoned from the Horizon bridge, and the organization explained it was working with national authorities and forensic specialists. According to an account published Polygon’s chief information security officer, Mudit Gupta, the Horizon bridge attacker allegedly took control of the multi-signature wallet leveraged in Harmony’s bridge.

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Three days ago, Harmony explained that it was attacked and the team witnessed $100 million siphoned from the Horizon bridge. “The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100 [million],” Harmony tweeted on Thursday. “We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds,” the Harmony team added.

Following the exploit, the very next day, Polygon’s chief information security officer, Mudit Gupta, said that the bridge was a 2 of 5 multi-signature scheme, and anyone with two of the addresses can take control of it. “The hacker compromised 2 addresses and made them drain the money,” Gupta added. Gupta said while the details aren’t public yet he summarized what he believes took place during the hack. “The two addresses were likely hot wallets used to listen for and process legit bridging transactions,” Gupta explained.

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“The attacker compromised the server(s) that these hot wallets were running on,” the Polygon CSO wrote on Friday. “Once inside the server, they could access the keys that were kept in plaintext for signing legit transactions. The server exploit was likely either SSH key compromise or social engineering. This is eerily similar to how Ronin was hacked.” The analyst further added:

This was not a ‘Blockchain Hack.’ It was a ‘Traditional Hack.’ I’ve been begging protocols to focus on traditional security too alongside blockchain security for months now…

Furthermore, an incident report written by the Harmony Protocol’s founder says “the team has found evidence that private keys were compromised, leading to the breach of our Horizon bridge — Funds were stolen from the Ethereum side of the bridge.” The Harmony founder also noted that “confidentiality is key to maintain integrity as part of this ongoing investigation — The omission of specific details is to protect sensitive data in the interest of our community.”

What do you think about the Harmony exploit for $100 million? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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100 million

100-Year-Old Pennsylvania-Based Bank Approved To Leverage Makerdao’s Stablecoin Vault

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100-Year-Old Pennsylvania-Based Bank Approved To Leverage Makerdao’s Stablecoin Vault

Makerdao, the decentralized autonomous organization (DAO) that issues the stablecoin DAI, approved a governance proposal that provides “collateral integration from a U.S.-based bank.” The Makerdao governance proposal passed by a majority vote of more than 87%, and it gives the U.S. financial institution Huntingdon Valley Bank the means to leverage a stablecoin vault.

Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million

According to a Makerdao governance poll breakdown, the community has approved a collateral integration proposal with the Pennsylvania-based financial institution Huntingdon Valley Bank. Makerdao discussed the proposal on July 4, 2022, and noted that the RWA-009 concept would be the first of its kind in the world of decentralized finance (defi). The term “RWA” used in the Makerdao proposal stands for “real-world assets.”

Huntingdon Valley Bank (HVB) is a Pennsylvania chartered financial institution that was founded in 1871. HVB is a subsidiary of the bank’s parent firm HV Bancorp, Inc. (Nasdaq Capital Market: HVBC).

“The first collateral integration from a U.S.-based bank in the defi ecosystem is getting closer,” the project’s official Twitter account explained. “The Maker Governance votes to add RWA-009, a 100 million DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank, as a new collateral type in the Maker Protocol,” the team added.

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In a Twitter thread published at the end of March 2022, Makerdao detailed how the scheme would work as it would allow Huntingdon Valley Bank (HVB) to borrow DAI by using HVB’s participated loans as collateral. “The application also requested an initial debt ceiling of $100 million dollars of Huntingdon Valley Bank Participated Loans diversified across all proposed loan categories, to be deployed over a period of 12 to 24 months from inception,” Makerdao said at the time.

Two charts shared by the Makerdao team on March 25, 2022, which explain how the partnership with Huntingdon Valley Bank works.

Makerdao also disclosed that while HVB would be the first to enter the project’s “Master Purchase Agreement,” the project has the full “intention to incorporate more banks in the future.” The project’s stablecoin DAI is the fourth-largest stablecoin project in terms of market valuation with $6.48 billion.

During the last seven days, Makerdao’s native crypto asset MKR has increased 2.5% against the U.S. dollar but year-to-date, MKR is down more than 65%. At the time of writing, at $921 per unit, the DAO’s native crypto MKR is still up 448% higher than the all-time low of $168 per unit recorded on March 16, 2020.

In terms of defi dominance, Makerdao commands a touch more than 10% of the entire defi ecosystem’s $75.54 billion in locked value. Makerdao’s total value locked (TVL) today is $7.56 billion, down 4.38% over the last month.

The recently passed governance proposal with HVB follows Makerdao’s plans to introduce layer two (L2) scaling support from Starknet at the end of April. Makerdao’s team said that the zero-knowledge (ZK) rollup solution Starknet could make DAI transfers much cheaper than onchain fees.

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Members of the Makerdao community have been interested in leveraging real-world assets into the project for quite some time. Hexonaut, a protocol engineer at Makerdao, explained in mid-March 2022, that the DAO needs “to take the next step and begin integrating with the real world at scale.” The agreement with Huntingdon Valley Bank uses off-chain loans which represent real-world assets (RWA) pledged by the Pennsylvania bank based in Montgomery County.

What do you think about the Pennsylvania bank using Makerdao to access DAI? Do you envision crypto integrating with more real-world assets in the future? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed For Blockchain.com

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Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed For Blockchain.com

The crypto firm Blockchain.com has revealed it has secured up to $100 million in liquidity from Truefi’s single-borrower pool. The pool will be initially capped at $100 million over the first year and Blockchain.com aims to use the funds to bolster its own “liquidity pools, leverage trading support, and book of lending services.”

Blockchain.com Leverages Truefi’s Single Borrower Pool

The leading digital asset services and exchange company Blockchain.com has announced it has secured $100 million in liquidity from the uncollateralized borrowing and lending platform Truefi. Essentially, the decentralized finance (defi) platform Truefi leverages on-chain credit scores in order to facilitate uncollateralized lending. The platform claims to offer competitive returns for lenders with “no lockup period and deep exit liquidity.”

According to Truefi, the single-borrower pool will provide “debt to Blockchain.com [that] will be available to all Know Your Customer-verified, non-U.S. lenders on the Truefi platform, offering them an expected APY of 8.50 percent, before incentives.” Truefi has already showcased the single borrower pool concept with Alameda Research and the team also helped Perpetual Protocol launch the first protocol-to-protocol lending pool.

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Trusttoken CEO Expects More Financial Institutions to ‘Bring Their Books of Business On-Chain’

Rafael Cosman, the CEO of Trusttoken explained in a statement sent to Bitcoin.com News that Truefi welcomes Blockchain.com into the fold, and further said it doesn’t surprise him to see large financial institutions leverage on-chain books. “It is inspiring – although not surprising – to see more leading financial institutions bring their books of business on-chain, giving our global lender base even more financial opportunities,” Cosman remarked. Trusttoken is the parent company of Truefi and since November 2020, Trusttoken has “completed $1.3 billion of origination and $1 billion of repayments with no defaults.”

Blockchain.com’s head of credit and lending, Reid Simon, believes uncollateralized borrowing and lending is very efficient and the company looks forward to growing the portfolio. “Uncollateralized on-chain borrowing is among the most efficient ways for high-quality borrowers to connect with global lenders, at scale” Simon detailed. “We’re excited to work together to provide the Truefi community with a new financial portfolio to explore and to grow the portfolio over time as we build credit history with Truefi lenders.”

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100 million, Alameda Research, Blockchain.com, Blockchain.com Portfolio, Blockchain.com’s head of credit and lending, borrowing, CEO of Trusttoken, decentralized finance, DeFi, Defi Platforms, Know Your Customer-verified, Liquidity Pools, Perpetual Protocol, Portfolio, protocol-to-protocol lending pool, Rafael Cosman, Reid Simon, SBP, Single Borrower Pool, truefi, Truefi Lending

What do you think about Blockchain.com tapping into Truefi to secure $100 million in liquidity from the uncollateralized borrowing and lending platform? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$100 million AVAX

Luna Foundation Buys 2,508 Bitcoin For $100 Million, Stash Is Only 495 BTC Away From Tesla’s Balance

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Luna Foundation Buys 2,508 Bitcoin For $100 Million, Stash Is Only 495 BTC Away From Tesla’s Balance

On April 13, Terra’s Luna Foundation Guard (LFG) acquired 2,508.94 bitcoin worth close to $100 million at the time of settlement. The purchase follows the 4,130 bitcoin LFG scooped up three days ago, and LFG’s wallet is now just over 495 bitcoin away from surpassing Tesla’s bitcoin treasury stash.

Luna Foundation Adds More Bitcoin to UST Reserve Wallet

LFG purchased another batch of bitcoin on Wednesday, adding to the non-profit’s bitcoin reserves meant to protect the Terra network’s stablecoin, UST. On April 13, 2022, at 1:55 a.m. (UST), the LFG bitcoin wallet scooped up another 2,508.94 bitcoin after acquiring 4,130 BTC three days ago. The purchase of 2,508.94 BTC was worth $99,914,270 using bitcoin exchange rates at the time of settlement.

LFG Bitcoin wallet on April 13, 2022, at 10:30 a.m. (EST).

After obtaining 2,508.94 BTC, the LFG bitcoin wallet now holds 42,406.92 BTC worth an estimated $1.79 billion. LFG’s wallet has seen a total of 68 transactions but has never sent a single satoshi out of the wallet. A myriad of dust transactions has been sent to the LFG wallet on a daily basis.

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Currently, according to the bitcoin rich list, the LFG wallet is the 18th largest bitcoin wallet today. A great portion of the wallets above the LFG wallet in the bitcoin rich list are large cryptocurrency exchange cold wallets. For instance, the 15th largest bitcoin wallet today is an Okex exchange cold wallet with 45,820 BTC.

LFG Bitcoin Wallet Nears Tesla’s Treasury Stash, Terra’s Wallet Still Below Microstrategy’s and Block.one’s Cache of Bitcoins

The Luna Foundation Guard’s bitcoin wallet is getting awfully close to surpassing Tesla’s stash of 42,902 BTC. In fact, in order to jump above the electric car maker’s bitcoin treasury, LFG needs more than 495.08 BTC. If LFG’s wallet were to surpass the Tesla wallet, the LFG bitcoin reserve address would only be below Microstrategy’s cache of 125,051 BTC in terms of public companies.

In terms of private companies with bitcoin treasuries, LFG’s wallet is below Block.one’s stash of 140,000 bitcoin. Block.one is a blockchain software company that’s dedicated to the EOS network. Another private firm dedicated to a crypto ecosystem with a bitcoin treasury besides Terra and EOS, is the Tezos Foundation, which is focused on the Tezos network. The Tezos Foundation holds 17,500 bitcoin, according to bi-annual filings.

While LFG is hoarding bitcoin to leverage for reserves to protect the stablecoin UST, the organization also announced last week that it would diversify the UST forex reserves with avalanche (AVAX) tokens. LFG partnered with the Avalanche Foundation and explained it would purchase $100 million AVAX via an over-the-counter (OTC) transaction. After LFG’s recent purchase, the price of bitcoin (BTC) jumped over 2% at 10:30 a.m. (EST) on Wednesday, to a high of $40,966 per unit on Bitstamp.

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$100 million AVAX, $3 Billion, 100 million, Avalanche, Avalanche (AVAX), Avalanche Foundation, Balance, Bitcoin, Bitcoin (BTC), BTC, BTC balance, collateral, crypto assets, do kwon, Emin Gün Sirer, Gnosis safe address, lfg, LFG’s bitcoin wallet, LUNA, Luna Foundation, Luna Foundation bitcoin, luna foundation guard, public companies, reported BTC purchase, Stablecoin, Terra, terra (LUNA), Terra Blockchain, Terra’s Luna Foundation, terraform labs, Tether, UST, UST Stablecoin

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What do you think about the Luna Foundation’s growing stash of bitcoins? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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