The $100 million Harmony Bridge hacking event in the summer of 2022 was at that time. cryptocurrency and altcoin deeply shocked the world and badly affected the already bearish market.
Companies such as cryptocurrency exchanges Binance and Huobi had blacklisted all addresses associated with the addresses in question.
Researchers about the event, which has not been fully elucidated until now, came across important clues.
Harmony Hackers Are Constantly Transferring Funds Between Altcoin Networks To Avoid Caught
According to on-chain analysis by blockchain detective MistTrack, hackers who targeted the Harmony network with a $100 million attack last year transferred their ill-gotten gains from Bitcoin to Avalanche, Ethereum and finally Tron.
Lazarus Group, a North Korean hacking group that was also behind the $635 million Ronin Bridge attack, is suspected of being behind the attack and subsequent transfers.
Last week, hackers sent $63.5 million (41,000 ETH) to Railgun, a privacy-focused crypto wallet, before moving the funds to various exchanges. The coins in question were later withdrawn from exchanges and some of them were bridged to the Avalanche network.
To further conceal the stolen funds, hackers converted the bridged Bitcoin into stablecoin Tether (USDT) and USDD, which were then sent to a multi-chain USDT address on both the Ethereum and Tron networks.
After the US sanctioned popular cryptocurrency mixing service Tornado Cash, hackers are forced to make extraordinary efforts to convert stolen cryptocurrencies into fiat money.
Blockchain security firm Chainalysis has announced that over $3 billion in cryptocurrencies was lost in 125 hacks in 2022.
*Not investment advice.
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