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Huobi & Binance once again freeze Horizon Bridge’ some hacked fund

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The collaborative effort from the Binance, Huobi crypto exchanges & Elliptic team succeeded in freezing $1.4 million worth of crypto assets. 

In June 2022, an unknown hacker hacked $99.6 million worth of crypto assets from Harmony’s Horizon Bridge. At that time, the Binance intelligence team traced and froze some of those hacked funds on the Binance platform. For a long time, these hackers have been trying to launder hacked funds with the help of multiple crypto exchanges. 

On 14 Feb 2023, The team behind Elliptic and swift informed a transaction linked to the Horizon Bridge’ hacked funds. Binance & Huobi Global crypto exchange took the action and successfully froze $1.4 million worth of crypto assets on the exchange. 

Elliptic investigators noted that hackers were trying to launder the funds via these popular crypto Exchanges following transactions via the crypto mixing platform Tornado Cash. Investigations revealed that Hackers are linked with the North Korean popular cybercrime organisation Lazarus Group. 

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Earlier this, on behalf of the information of the Binance team, Huobi exchange froze some funds. On 16 June, Binance CEO Changpeng Zhao (CZ) confirmed that collaborative efforts helped to recover 124 Bitcoins, from all the stolen funds. 

At that time, Binance’s CEO said that if all the crypto exchanges can work collaboratively against hackers & suspicious transactions then Centralised Exchanges could result in a more better option for the crypto traders. 

CZ noted that not all the exchanges are supportive & they always think from the point of view of rival companies.

Read also: Ripple announces donation for earthquake victims in Syria & Turkey

Huobi & Binance once again freeze Horizon Bridge’ some hacked fund

 

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