Binance Helped Huobi Get $2,500,000 Back After Harmony Hack

Changpeng Zhao, CEO of Binance, announced that Binance is now helping crypto exchange Huobi recover $2,580,000 after the Harmony bridge was hacked.

According to Zhao, the hacker wanted to launder the stolen funds on their exchange, but the account was frozen for further proceedings. The funds will be returned, and the hacking attempt in the end, although it turned out to be successful, will not bring the expected effect. Changpeng Zhao spoke about this on his Twitter account.

Huobi adviser Justin Sun noted that the exchanges have partnerships, which helped in this situation to avoid big losses.

Continuing the topic of hacks, it is worth mentioning the network detective ZachXBT, who today spoke about the transfer of 41,000 Ethereum worth $64,000,000 by the North Korean cybercriminal group Lazarus Group. This happened last weekend. Thus, we can safely assume that it is this group that is responsible for breaking the bridge and is engaged in money laundering.

Funds were transferred in batches of 100 Ethereum from Tornado Cash to the Railgun platform. The online sleuth also revealed that all funds were consolidated and placed on three exchanges. On which exchanges, he did not specify.

On January 14, the MistTrack platform noticed other movements associated with various addresses that were trying to protect themselves from the Harmony Bridge exploit.

Recall that on June 24 last year, a major hacking of the Harmony Bridge took place. At that time, the Level 1 blockchain offered a $1,000,000 cashback reward. After this incident, the analytical company Elliptic was involved in tracking the attack on the Lazarus Group company.

Following the $100 million Harmony bridge hack on June 24, 2022, the layer 1 blockchain offered a $1 million reward for a refund. Blockchain analytics firm Elliptic later traced the attack to the North Korean Lazarus Group.

The issue of security in the world of cryptocurrencies should always be on the mind of many people. Investors and traders of digital assets should not forget about basic security rules and protect themselves from all sorts of risks. To do this, it is best to store your crypto assets on hardware wallets. It will also be effective to distribute your funds among several wallets so that in case of failure, you will keep most of your financial savings. Earlier, we wrote a material on how to behave in the world of cryptocurrency assets in order to protect yourself from risks. If you missed the article, then we invite you to familiarize yourself.

The recent crash of FTX has shown that it is too dangerous to keep your eggs in one basket. As a result, after bankruptcy, many companies experience insurmountable difficulties with money and are close to closing. The other part has already reported their financial insufficiency. Such a case gave rise to distrust in the world of cryptocurrencies, and many investors switched to storing cryptoassets in cold wallets. As evidence of this, Ledger representatives said that they had such a successful sales week in the fourth quarter of 2022, which is incomparable to what it was before.