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Hacking in the crypto industry has been a big part of the space. One of the most recent, the Harmony Bridge exploit, has been under investigation since it occurred. The latest update indicates that the largest cryptocurrency exchanges, Binance and Huobi, teamed up to recover some of the stolen funds.

The information was disclosed by Binance CEO Changpeng Zhao (CZ) in a tweet posted on January 16. CZ tweeted“We detected a movement of Harmony One hack funds. They previously tried to launder through Binance, and we froze his accounts. This time he used Huobi. We helped the Huobi team freeze his accounts Together, 124 BTC were recovered CeFi helps keep DeFi SAFU.

Binance and Huobi team up to recover stolen funds

Along with collaborating with crypto exchange security teams, Binance and Huobi were able to freeze and recover a large amount of BTC from the stolen funds from the Harmony Bridge exploit.

According to CZ, the hackers tried to launder the funds mined through the Huobi exchange. After Binance discovered this, they contacted and helped Huobi freeze and recover the digital assets deposited by the hackers.

Zhao added that they were able to recover around 124 BTC, worth over $2 million, at the time of writing. Prior to the disclosure of CZ, Crypto Sleuth, ZachXBT, reported that the pirate behind the Harmony The bridge exploit moved funds of 41,000 Ethereum (ETH), worth around $64 million last weekend.

The hacker also consolidated the funds after moving them and then depositing them into three separate cryptocurrency exchanges which ZachXBT did not disclose.

Harmony Bridge exploit summary

In June 2022, Harmony disclosed that its Horizon Bridge to the Harmony layer-1 blockchain had been hacked. According to the team’s explanation via Twitter, the theft resulted in a total of $100 million being diverted from the Ethereum network.

Following the exploit, Harmony notified various exchanges to shut down the Horizon Bridge so that users could not transact on the bridge and the attacker could not continue the exploit.

The protocol then assured the public that the team was working with authorities to identify the perpetrators of the theft, which included working with the FBI and various cybersecurity firms.

Overall, reports indicate that an infamous North Korean Hacking Organization called ‘Lazarus Group’ is suspected to be behind the Harmony Bridge hack, as Blockchain analytics firm Elliptic once noted that the way the hack was carried out was similar to other attacks by the group Lazarus.

A price chart on TradingView
ONE price is moving sideways on the 4-hour chart. Source: ONE on TradingView.com

Meanwhile, the global cryptocurrency market is currently in a bull run, with the market capitalization having topped $1 trillion after months below said amount. Harmony’s ONE token also followed the uptrend rising 4.3% in the last 24 hours with a trading volume of $51.8 million.

Featured image from DoughRoller.net, chart from TradingView.com





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