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On January 15, 2023, on-chain researchers discovered that funds stolen during the Harmony Bridge attack had been misplaced. The suspected thieves, believed to be associated with North Korean hacking syndicate Lazarus Group, moved 41,000 ethereum, worth $63.2 million at current exchange rates.

Onchain Researchers Track Ethereum Stolen From Harmony Bridge Attack, Help Major Exchanges Freeze Funds

On June 23 of last year, the Harmony development team disclosed that $100 million in cryptocurrency funds had been stolen from the Horizon Bridge. Reports indicated that the attacker used a multi-signature wallet to take control of the bridge. Zachxbt Chain Seeker discovered that funds related to the loss of the Horizon Bridge began moving 206 days later, with 41,000 ETH (worth $63.2 million at current exchange rates) being transferred.

“North Korea’s Lazarus Group had a very busy weekend moving $63.5 million (about $41,000 ETH) of the Harmony Bridge hack via Railgun before consolidating the funds and depositing them on three different exchanges,” Zachxbt tweeted. The funds were reportedly deposited in OKEx, Huobi and Binance. Zachxbt added that Huobi and Binance froze some of the ethereum sent to exchanges.

Binance CEO Changpeng Zhao, commonly known as “CZ”, confirmed that the funds were indeed frozen. “We have detected a movement of Harmony One hack funds”, CZ wrote. “They tried to launder through Binance before and we froze their accounts. This time they used Huobi. We helped the Huobi team freeze their accounts. Together, 124 BTC have been recovered,” the Binance executive added.

The blockchain intelligence company Elliptic originally bound the funds to the North Korean group Lazarus. Lazarus Group is accused of carrying out numerous attacks on cryptocurrency projects in recent years. He is believed that the North Korean hacker collective was also behind the $620 million Ronin Bridge attack.

Keywords in this story

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What do you think of hackers moving 41,000 Ethereum onchain to three major exchanges? Share your views in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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