Destination Of The Harmony Bridge Hack Funds

Key Points:

• According to information given by on-chain detective ZachXBT, money from the infamous Harmony Bridge is moving around once more. The expert claims that DPRK recently laundered ETH from the breach worth over $18 million.
• Zach afterwards disclosed another address with 5,974 more ETH, bringing the total amount of money laundered by DPRK in the last few hours to about $27 million.

According to information given by on-chain detective ZachXBT, money from the infamous Harmony Bridge is moving around once more. The expert claims that DPRK recently laundered ETH from the breach worth over $18 million. Fortunately, centralized exchanges might decide to freeze some of those funds.

Two main addresses have been actively washing money and sending it to at least six bitcoin exchanges, according to Zach’s on-chain statistics. Since the on-chain sleuth contacted the trade platforms directly, some of those funds might be frozen.

Investors have a chance to recover part of their money if the funds are frozen since hackers and money launderers won’t be able to use them effectively. Fortunately, such a significant amount, even spread across six exchanges, cannot go unnoticed and will very certainly be blocked at some point during the cash out.

Zach afterwards disclosed another address with 5,974 more ETH, bringing the total amount of money laundered by DPRK in the last few hours to about $27 million.

An unidentified group of hackers utilized a flaw in Harmony’s Horizon Bridge in the middle of 2022 to steal bitcoins valued at about $100 million. In order to stop the transfer of funds to centralized exchanges, where hackers would have been able to materialize them, Harmony’s official team promptly notified national authorities and forensic specialists.

Hacker activity may have grown due to the cryptocurrency market’s strong performance, particularly Ethereum, which has seen a value boost of almost 25% since the market’s reversal started.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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