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Harmony Hackers Cover Tracks by Bridging Portion of $100M Loot to Avalanche, Ethereum and Tron

Security

www.coindesk.com 23 January 2023 15:54, UTC
  
Reading time: ~2 m

The hackers that targeted the Harmony network in a $100 million attack last year have bridged their ill-gotten gains from Bitcoin to Avalanche, Tron and Ethereum, according to on-chain analysis by blockchain sleuth MistTrack.

Lazarus Group, a North Korean hacking group that was behind the $635 million Ronin Bridge hack, is suspected to be behind the attack and subsequent transfers.

Last week the hackers sent $63.5 million (41,000 ETH) to Railgun, a privacy-focused crypto wallet, before moving the funds on to various exchanges. The bitcoin was then withdrawn from exchanges, with a portion of it being bridged to the Avalanche network.

In an attempt to further obfuscate the stolen funds, the hackers converted the bridged bitcoin for stablecoins tether (USDT) and USDD, which were subsequently sent to a multi-chain USDT address on both the Ethereum and Tron networks.

Hackers are being forced to go to extraordinary lengths to convert stolen crypto to fiat currency after the U.S. sanctioned popular coin mixing service Tornado Cash.

Blockchain security firm Chainalysis revealed that over $3 billion in crypto was lost across 125 hacks in 2022.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



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