Harmony Hackers Begin Laundering Ethereum Stolen From Horizon Bridge

Harmony hackers have begun laundering the Ethereum stolen from Horizon Bridge as of late. Of the $100 million in stolen Ethereum, the criminals have transmitted $36 million to a mixing service.

According to PeckShield, the hackers who stole $100 million in altcoins from the Horizon bridge of the Harmony Protocol have started to launder the money.

According to blockchain research by the blockchain security business, the hackers transmitted three transactions from the address used in the June 23rd attack totaling about 30K ETH (about $36 million) to the mixing service Tornado Cash, with $64 million still in the criminals’ Ethereum wallets.

Launched in 2019, Harmony is a layer-1 proof-of-stake blockchain. Users can transfer coins between blockchains such the Harmony network and Ethereum, the Binance Chain, and Bitcoin using its Horizon bridge.

By gathering huge sums of coins in a single pool and “mixing” them, a procedure frequently used to launder illegally obtained tokens, crypto mixing services enable users to hide the origins of their cryptocurrency.

Subscribe to GreatGameIndia

Enter your email address to subscribe to GGI and receive notifications of new posts by email.

Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) totaling $100 million were among the cryptocurrency assets hacked on Thursday and exchanged for Ethereum. The company has recently stated that it has “found no evidence in any breaches of our smart contract codes nor vulnerabilities on the Horizon platform,” despite the fact that the incident was initially reported as a Harmony protocol vulnerability.

The most recent of many high-value thefts targeting DeFi protocols is the Harmony Protocol attack. North Korean-linked hackers stole $622 million from Ronin, the Ethereum sidechain of Axie Infinity, in March.

On Saturday, Harmony Protocol announced on Twitter that it would not support the filing of criminal proceedings if the bridge money were returned and offered a $1 million reward for their recovery. With today’s transactions, it looks that the offer was turned down.

After the incident, Harmony reassured its users that the theft had no effect on its BTC bridge and that the business was collaborating with forensic experts and national authorities to find the offender and recover the money. Harmony also stepped up its security protocols.

According to tweets from Stephen Tse, founder of Harmony, “We have migrated the Ethereum side of the Horizon bridge to a 4-of-5 multisig since the incident,” which indicates that at least four out of five unique private keys will be required to sign and authorize transactions. “We will continue taking steps to further harden our operations and infrastructure security.”

GreatGameIndia is being actively targeted by powerful forces who do not wish us to survive. Your contribution, however small help us keep afloat. We accept voluntary payment for the content available for free on this website via UPI, PayPal and Bitcoin.

Support GreatGameIndia

Leave a Reply