Harmony Crypto Theft Class Action Investigation
The Lyon Firm is investigating crypto theft claims on behalf of victims nationwide impacted by the Harmony crypto hacking incident. The Firm is involved in a wide variety of data privacy and identity theft cases.
Harmony is a California-based crypto firm and recently announced that hackers stole $100 million worth of cryptocurrency from a blockchain bridge that it operates. Harmony has not released the hacker’s identity as an investigation is ongoing.
The Harmony crypto theft is just the latest hack to occur in the last few months, though it is a large-scale attack. The company Wormhole was also breached this year, with the attackers stealing $320 million worth of tokens. Ronin Network, a crypto bridge company belonging to the owners of the Axie Infinity game was also compromised, with around $620 million at stake.
These “bridge” companies offer coin transfers between different chains, a service that has grown popular though are major targets for cybercriminals because of insufficient security.
Federal agencies like the FBI have taken security measures to combat crypto theft and ransomware, though private companies are still liable for protecting the property of clients.
The attack allegedly saw 85,867 Ether tokens stolen from the Harmony bridge, worth over $100 million.
The Lyon Firm is currently involved in several areas of personal privacy litigation, and is investigating the Harmony bridge theft and other crypto theft cases on behalf of plaintiffs nationwide. If you have experienced crypto theft as the result of a negligent crypto bridge, contact us for a free case review.
Can You Sue Following the Harmony Crypto Theft?
As the crypto world grows larger and each year, and more money flows through exchanges, it becomes a bigger target for hackers. Even the leading exchanges like Crypto.com, Binance and KuCoin have been hacked, resulting in millions of dollars lost in crypto theft. While it might seem like there is no recourse, the crypto exchange may be liable for the loss of your funds.
Unless you have your crypto locked in cold storage, in a wallet, your funds may be vulnerable. Crypto exchanges generally keep holdings in a default wallet, and every time the funds are moved, they are more vulnerable to attack.
Cybercriminals now regularly breach crypto security systems, obtain key information sets, and bypass two-factor authentication and other security systems to steal funds.
Many blockchain and crypto technologies are still experimental and have inherent vulnerabilities. Thus the funds are often compromised, and there are cases of exit scams and fraudulent coin launches. Cases of crypto exchange data breaches, theft, and investor losses are reported frequently.