A Real Bridge Over Troubled Waters: Onchain Researchers Catch $63M in Ethereum From Harmonic Bridge Attack on Move
Do you ever feel like you need a bridge to help you get over your finances? If you feel that way, you’re not alone. In a recent development, Onchain researchers uncovered a large amount of Ethereum on-the-move from the Harmony Bridge Attack.
The attack stole a whopping $63 million in total from users of the DeFi Harmony network. Unfortunately, this wasn’t the end for the victims’ assets, as malicious actors now seem to attempt laundering the stolen funds on major exchanges.
What’s the Story Behind the Harmony Bridge Attack?
Back in December 2020, hackers managed to exploit a critical vulnerability on the DeFi Harmony platform and steal hundreds of thousands of ETH.
The security breach was one of the biggest scams ever seen in the DeFi ecosystem at the time, and the team acted fast. They quickly recovered 98% of the funds – a tribute to their capabilities.
What’s Happening With the Funds Now?
As it turns out, the whitepaper contained code to identify Ethereum on the move! Onchain researchers now managed to discover one of the smart contracts that was transferring funds from the DeFi Harmony attackers.
But it doesn’t end there! Hackers reportededly attempt to launder the funds on major exchanges – an inconceivable and disturbing development for anyone involved in the industry.
What Can You Do Now?
Although the security breach has already happened, it doesn’t mean that you won’t suffer the repercussions.
It is essential that you keep track of your assets and be aware of the potential risks that come from similar exploits. Here are a few tips to stay safe:
- Always monitor your accounts regularly. This will help you identify unusual activity right away, so you can take the necessary actions.
- Take appropriate measures. Make sure you use reliable wallet solutions and exchange services.
- Stay informed. Do your research and keep an eye on the news. This will help you stay in the know about the latest security breaches that can affect you.
Conclusion
The Harmony Bridge attack has been a major security breach for the DeFi community, with $63 million in Ethereum disappearing in an instant. Onchain researchers managed to find one of the smart contracts behind the attack and the funds on the move, but the hackers seem to have already started the process of laundering the profits.
While it’s difficult to recover lost funds, it’s still possible to keep yourself safe from similar incidents. It’s essential that you take the appropriate measures and always monitor your accounts for potential risks. Stay informed for potential threats, and you’ll be safe!
