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

Funds from the famous Bridge of Harmony are on the move again, data shared by on-chain sleuths suggest ZachXBT. According to analysts, the DPRK just laundered nearly $18 million worth of ETH from the hack. Fortunately, some of the funds may be frozen by centralized exchanges.

According to on-chain data provided by Zach, there are two main addresses that are actively laundering funds and sending them to at least six cryptocurrency exchanges. Some of those funds may be frozen because on-chain detectives contact the trading platform directly.

Who is active rn?

DPRK just finished laundering another $17.7m+ (11304 ETH) from the Harmony Bridge hack.

S/o to exchanges that respond quickly on weekends so funds can be frozen. pic.twitter.com/sUyUScHR4N

— ZachXBT (@zachxbt) January 29, 2023

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

Later, Zach shared another address containing an additional 5,974 ETH, bringing the total amount of money laundered by the DPRK in the last few hours to around $27 million.

June Hack

In mid-2022, a group of unknown hackers used the Harmony’s Horizon Bridge vulnerability and stole around $100 million worth of cryptocurrency. Harmony’s official team immediately contacted national authorities and forensic specialists to prevent the transfer of funds to a centralized exchange, where hackers could become aware of it.

The increase in hacker activity can be attributed to the positive performance of the cryptocurrency market, including Ethereum, which has gained around 25% of its value since the start of the market reversal.