MistTrack – a crypto tracking and compliance platform – has published updates on its investigation of the Harmony bridge hack that compromised $100 million last June.
They found that the infamous North Korean hacking organization, The Lazarus Group, are likely behind the theft.
The Movement of Funds
In a Twitter thread on Monday, MistTrack said Lazarus passed the stolen funds through multiple exchanges and blockchains while attempting to cover their on-chain tracks.
Nevertheless, the platform discovered that many funds were transferred to exchanges including Huobi, Binance, and OKX. Those funds were then “quickly converted to BTC” before being withdrawn from the exchanges.
Next, the BTC underwent “several multi-layer transfers,” before some of the funds were returned to exchanges. Meanwhile, others were bridges to Avalanche through multiple cross-chain exchanges for USDT and USDD – stablecoins pegged to the U.S. dollar.
