Binance, Huobi team up to recover $2.5M from Harmony One hackers

Security teams at crypto exchanges Binance and Huobi worked together to freeze and recover 121 Bitcoin (BTC) from hackers behind the Harmony bridge exploit. 

In a tweet, Binance CEO Changpeng Zhao announced that the hackers have tried to launder their funds through the Huobi exchange. After this was detected by Binance, they contacted and assisted Huobi to freeze and recover the digital assets deposited by the hackers.

According to Zhao, the exchanges recovered a total of 121 BTC, which is estimated to be worth around $2.5 million at the time of writing. 

In a recent post, on-chain crypto detective ZachXBT also highlighted prior to Binance and Huobi freezing and detecting the funds, the hackers behind the exploit were moving around 41,000 Ether (ETH), worth around $64 million in the last weekend. 

According to the crypto sleuth, after moving the funds, the hackers consolidated and deposited the digital assets on three different crypto exchanges. However, the on-chain detective did not specify the names of the exchanges used by the exploiters. 

Related: Backlash as Harmony proposes minting 4.97B tokens to reimburse victims

On Jun. 24, the Harmony team detected the exploit, reporting $100 million in funds compromised. The hack highlighted concerns previously brought up by community members around some of the mutisigs securing the Horizon bridge.

On Jun. 30, the Lazarus Group, an infamous North Korean hacking organization was identified as a suspect behind the $100 million Harmony hack. Blockchain analysis firm Elliptic noted that the manner in which the hack was conducted was similar to other Lazarus Group attacks. 

The Horizon bridge hack is one of the largest exploits and hacks in 2022. Analysts believe that the Lazarus Group targeted the employee login credentials to breach Harmony’s security system. The hackers then deployed laundering programs to move the stolen assets.

All Dutch and English crypto news!

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

The co-founder of Web3 metaverse game engine "Webaverse" has revealed they were victims of a $4 million crypto h after meeting with scammers posing as...

Crypto firms could face 2 years jail for breaching UK advertising laws

Newly proposed advertising rules in the United Kingdom could potentially see executives of crypto firms face up to two years of prison for failing to...

Sam Bankman-Fried lawyers reach agreement on use of messaging apps

Sam Bankman-Fried's (SBF's) lawyers have reached an agreement with federal prosecutors concerning his use of messaging apps. According to a Feb. 6 court document, both parties...

Genesis entity going up for sale as DCG makes creditor pact

Genesis Global has announced it has reached an "agreement in principle" with Digital Currency Group (DCG) which will eventually see its crypto lending and trading...

Beste exchanges

Koop je crypto bij Bitvavo