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Harmony Bridge Hack Funds on Move, Here's Where They Are Going

Sun, 01/29/2023 - 09:52
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Arman Shirinyan
Hackers trying to make stolen funds useful again, but some part should be safe now
Harmony Bridge Hack Funds on Move, Here's Where They Are Going
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Funds from the notorious Harmony Bridge are on the move again, suggests data shared by on-chain sleuth ZachXBT. According to the analyst, DPRK just laundered almost $18 million worth of ETH from the hack. Luckily, some of those funds might get frozen by centralized exchanges.

According to the on-chain data provided by Zach, there are two main addresses that have been actively washing funds and sending them to at least six cryptocurrency exchanges. A part of those funds might get frozen as the on-chain sleuth contacted the trading platforms directly.

If the funds get frozen, there is a real chance for investors to get some of their funds back as hackers and money launderers will not be able to operate them successfully. Luckily, such a large sum, even divided between six exchanges, cannot go unnoticed and will most likely get frozen at some stage of the cash out.

Later on, Zach shared another address that contained an additional 5,974 ETH, which makes the total amount of money laundered by DPRK in the last few hours approximately $27 million.

June's hack

In the middle of 2022, an unknown group of hackers used a vulnerability of Harmony's Horizon Bridge and stole approximately $100 million worth of cryptocurrencies. Harmony's official team immediately contacted national authorities and forensic specialists in order to prevent the movement of funds to centralized exchanges, where hackers would have been able to realize them.

Harmony’s Horizon Bridge Suffers $100 Million Hack

The increased activity of hackers could be tied to the positive performance of the cryptocurrency market, including Ethereum, which has gained around 25% to its value since the beginning of the reversal on the market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.