Huobi and Binance Freeze $100M Associated with Harmony One Attack

Binance recently tweeted about freezing accounts linked to the $100 million Harmony One attack. The exchange also provided assistance when the attacker tried to launder the funds through Huobi.

According to the latest tweets by Binance, 124 BTC, amounting to 2.5 million dollars, have already been recovered. Furthermore, the exchange requested that DeFi SAFU (State Anti-Fraud Unit) be retained by centralized finance.

The news was shared through Changpeng Zhao, the CEO, and co-founder of Binance. Justin Sun, Huobi’s advisor, also confirmed the development while thanking Binance for their assistance. Given the sheer dominance of Binance, users expected such actions from the giant.

However, the news inspired many crypto enthusiasts to learn more about Huobi. That is why they searched for detailed Huobi exchange reviews to explore its services. Justin Sun’s latest comments also played a part in this search surge.

According to Sun, it is an example of how CeFi can collaborate to keep the cryptocurrency community SAFU. The parties will continue to work together to secure user funds and promote a secure trading environment.

These announcements came after ZachXBT noted that Lazarus Group had shared 41,000 ETH (64 million dollars) during the weekend. The North Korean group also sent over 63.5 million dollars to three wallet addresses.

Once it was determined that the ETH came from Harmony One, the crypto sleuth revealed that it was transferred from Tornado Cash to Railgun. Huobi and Binance have already frozen a portion of these funds, according to ZachXBT.

This is the largest seizure by crypto exchanges since Harmony lost 100 million dollars in June 2022. Harmony Horizon Bridge, one of the first cross-bridge protocols that facilitated asset transfer between chains, was launched in October 2022.

Advertisement

Several experts speculate that the attacker targeted log-in credentials associated with Harmony employees before the programs were deployed.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button