Binance and Huobi’s Collective Efforts Help Recover $2.6M From Harmony Hackers

Vignesh Karunanidhi
Binance and Huobi’s Collective Efforts Help Recover $2.5M From Harmony One Hackers

The cryptocurrency industry has seen an increase in the frequency of hacks and scams. An attack on the Horizon Bridge to the Harmony Layer-1 chain resulted in the theft of assets worth over $100 million in 2022. The Horizon bridge of the protocol was attacked, and a number of altcoins were taken.

The Harmony hackers obviously disregarded the platform’s $1 million reward. The attacker then began moving the stolen assets. However, the hacker’s intention to remain hidden and move the funds remained a pipe dream. In a collaborative effort by security teams at Binance and Huobi, over 124 Bitcoin were recovered from the Harmony hackers.

Binance contacted Huobi after detecting Harmony hackers’ fund movement

According to the details shared by CZ’s tweet, Binance assisted Huobi to freeze the hacker’s account, and collectively they recovered 124 bitcoin.

Even though this is a notable action from the exchange, a large portion of the hacked fund still remains with the hacker. Crypto sleuth ZachXBT reported earlier today that North Korea’s Lazarus group was moving $63.5 million worth of Ethereum from the Harmony bridge hack through Railgun. He highlighted the fact that over 350 addresses were involved in the shuffling of funds, which were later deposited on three different exchanges.

2022 was already a difficult year in terms of cryptocurrency prizes and other unforeseen events. The Harmony hack is considered one of the largest cryptocurrency hacks in 2022.