The hacker culture is a subculture of individuals who enjoy the intellectual challenge of creatively overcoming and circumventing limitations of systems to achieve novel and clever outcomes. The act of engaging in activities (such as programming or other media) in a spirit of playfulness and exploration is termed "hacking". However, the defining characteristic of a hacker is not the activities performed themselves (e.g. programming), but the manner in which it is done: hacking entails some form of excellence, for example exploring the limits of what is possible, thereby doing something exciting and meaningful. Activities of playful cleverness can be said to have "hack value" and are termed "hacks" (examples include pranks at MIT intended to demonstrate technical aptitude and cleverness). The hacker culture originally emerged in academia in the 1960s around the Massachusetts Institute of Technology (MIT)'s Tech Model Railroad Club (TMRC) and MIT Artificial Intelligence Laboratory.
Shortly following the Ukraine rug pull, in March this year, hackers discovered a weakness in the Ronin blockchain used by popular play-to-earn platform Axie Infinity... Gox exchange collapsed in a years-long attack by hackers ... Blockchain’s utility isn’t limited to just cryptocurrency, though.
Last week, the blockchain company Harmony announced that hackers had seized roughly $100 million in cryptocurrency by exploiting the firm's ethereum and Binance Chain bridge. Blockchain functions as a decentralized ledger, a record of transactions that is publicly available and verifiable but not maintained by any one entity.
The hacker responsible for stealing $100 million from Horizon, a cross-chain bridge tied to the Harmony blockchain protocol, has begun laundering the funds, according to reports by PeckShield ... The blockchain project has even offered to waive any law enforcement action should the hacker return the stolen crypto assets.
However, the hacker has accepted a bounty offer to return part of the stolen funds ... Blockchain security firm PeckShield explained that the hacker manipulated the protocol by using a withdrawn pledged NFT as collateral to borrow more funds ... The team negotiated with the hacker to return half of the stolen funds while keeping the rest as a bounty.
However, the network was quick to make negotiations with the hacker. These hackers were ready to return half of the stolen funds after 24 hours of the incident. According to the network, these hackers exploited the flaw in a smart contract. Also, these hackers used a withdrawn Bored Ape Yacht ClubNFT as collateral to borrow from the platform.
And unlike banks, blockchain lacks common know-your-customer (KYC) protocols ... Though blockchain is public and creates permanent, open-access records, people can transact on blockchain more or less anonymously — making it easy to trick you, take your money, and run ... on blockchain.
Thefts have long plagued companies in the crypto sector, with blockchain bridges increasingly targeted ... Elliptic, which tracks publicly visible blockchain data, said the hackers stole a number of different cryptocurrencies from Harmony, including ether, Tether, and USD Coin, which they later swapped for ether using so-called decentralised exchanges.
Hackers have stolen $100 million in cryptocurrency from Horizon, a so-called blockchain bridge, in the latest major heist in the world of decentralized finance ... on the blockchain, bridges have become a prime target for hackers due to vulnerabilities in their underlying code.
According to the company, the heist targeted its Horizon bridge, which transfers crypto between different blockchains ... According to Elliptic, which tracks publicly visible blockchain data, the hackers stole Ether, Tether, and USD Coin from Harmony, which they later traded for ether using decentralized exchanges.
Harmony network on June 24 revealed a hacker had exploited its horizon bridge and made away with $100 million. The Layer-1 blockchain, however, announced on June 26 that it is offering a $1 million bounty for its recovery ... The announcement of the bounty is perhaps a further attempt to encourage the hacker to return the proceeds of the exploit.
Hackers have stolen at least $100 million worth digital tokens from Harmony, the crypto startup behind Horizon Blockchain Bridge which allows users to transfer their crypto assets from one Blockchain to another ... In January this year, hackers stole crypto tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO.