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Onchain Researchers Freeze $63.2M Stolen During Harmony Bridge Attack

• On Jan. 15, 2021, onchain researchers discovered that 41,000 ethereum, worth $63.2 million at current exchange rates, had been stolen during the Harmony bridge attack.
• Onchain researcher Zachxbt tracked the stolen funds and alerted major exchanges, who were able to freeze the funds before they could be laundered.
• Binance CEO Changpeng Zhao confirmed that 124 BTC had been recovered as a result of the onchain researcher’s efforts.

On January 15, 2021, a team of onchain researchers uncovered a major crime that had been committed 206 days prior. The attack, which targeted the Harmony bridge, resulted in the theft of 41,000 ethereum, worth $63.2 million at current exchange rates. The suspected perpetrators are believed to be linked to the North Korean hacking syndicate known as the Lazarus Group.

Led by onchain researcher Zachxbt, the onchain researchers were able to trace the stolen funds to three major cryptocurrency exchanges: OKEx, Huobi and Binance. Fortunately, Zachxbt’s timely warning allowed the exchanges to freeze the funds before the attackers were able to launder them. Binance CEO Changpeng Zhao, commonly known as „CZ,“ confirmed that the funds had been successfully frozen, adding that the exchanges had recovered 124 BTC in the process.

In addition to freezing the stolen funds, Zachxbt and the onchain researchers worked with the exchanges to ensure that the funds were kept out of the hands of the attackers. The onchain researchers‘ efforts have proven invaluable in helping to prevent further financial losses in the cryptocurrency space.

The attack on the Harmony bridge serves as a stark reminder of the importance of security in the cryptocurrency space. The onchain researchers‘ commitment to uncovering and preventing financial crimes is a testament to their dedication to keeping the cryptocurrency space safe. As the industry continues to grow, the onchain researchers‘ efforts to protect investors and exchanges from financial crimes will remain integral to the long-term success of the industry.

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