Binance and Huobi team up to recover $2.5 million from Harmony One hackers

Safety groups from cryptocurrency exchanges Binance and Huobi labored collectively to freeze and get better 121 Bitcoin (BTC) from the hackers behind the Concord bridge exploit.

In a tweet, Binance CEO Changpeng Zhao introduced that hackers had tried to launder his funds by the Huobi trade. After Binance detected this, they contacted and assisted Huobi in freezing and recovering the digital belongings deposited by the hackers.

In response to Zhao, exchanges recovered a complete of 121 BTC, estimated to be price about $2.5 million on the shut of this version.

Earlier than Binance and Huobi detected and frozen the funds, on-chain cryptocurrency detective, ZachXBT, famous that the hackers behind the exploit had been shifting 41,000 Ether (ETH), price about $64 million, in the course of the weekend.

In response to the cryptocurrency detective, the hackers consolidated and deposited the digital belongings on three totally different cryptocurrency exchanges after shifting the funds. Nonetheless, the on-chain detective didn’t specify the names of the exchanges utilized by the criminals.

On June 24, 2022, Concord’s staff detected the exploit and reported that $100 million in funds had been compromised. The hack highlighted considerations beforehand raised by neighborhood members round a number of the multisig wallets that safe the Horizon Bridge.

On June 30, The Lazarus Group, a infamous North Korean government-funded hacker group, has been recognized as a suspect within the $100 million assault on Concord. Analytics agency Elliptic famous that the best way the assault was carried out was much like different Lazarus Group assaults.

The Horizon Bridge hack is likely one of the greatest exploits and hacks of 2022. Analysts consider that Lazarus Group focused worker login credentials to breach Concord’s safety system. The hackers then deployed laundering applications to maneuver the stolen belongings.

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