Harmony Bridge Exploited Funds on the Move by Lazarus Group

  • Almost $41,000 ETH, worth around $63.5 million, was transmitted through Railgun.
  • On June 24 someone stole roughly $100 million from Harmony Bridge in a cyberattack.

This weekend, the Lazarus Group was busy redistributing the stolen funds from the Harmony Bridge breach. The cryptocurrency exchanges involving substantial sums of Ether were documented by blockchain detective ‘ZachXBT‘ on January 16. Tornado Cash, an anonymous cryptocurrency service, was the initial source of the crypto funds that were processed by Railgun.

In order to conceal financial dealings, Railgun, a platform for private smart contracts, employs zero-knowledge proofs. According to the analyst who followed the money via more than 350 addresses, almost $41,000 ETH, worth around $63.5 million, was transmitted through Railgun and then deposited on three separate exchanges.

Although the expert did not name the specific exchanges, he did say that the money is often removed from them within a short period of time.

Recently Binance CEO CZ revealed that the exchange had discovered hacker-funded activity related to Harmony One. After an earlier attempt at money laundering using the exchange, Binance, immediately locked down hackers’ accounts. 

The hacker resorted to Huobi post the freeze. The team at Binance helped the Huobi counterpart freeze his accounts. Through this joint effort, a total of 124 Bitcoins have been recovered thus far as per CZ.

Focus Now on DeFi and Cross-chain Bridges

It was determined that the cyber group was responsible for the June 2022 assault on Harmony Bridge. Elliptic, a blockchain research firm, released a lengthy report on the hack shortly after it occurred.

According to prior reports, on June 24 someone stole roughly $100 million from Harmony Bridge in a cyberattack. Elliptic alleged that it employed “Tornado demixing capabilities” to track the stolen monies via Tornado and onto other wallets.

The group shifted its attention to DeFi and cross-chain bridges in 2022, and it was widely assumed that it was also responsible for the $600 million Ronin Bridge assault.

Recommended For You:

Harmony Protocol Structures Plan To Retrieve Stolen $100M

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.