Binance and Huobi, two cryptocurrency exchanges, have once more suspended accounts related to the June 24, 2022, $100 million Harmony Horizon bridge attack.
Cryptocurrency valued at over $1.4 million that the trading platforms froze originated from accounts connected to the infamous Lazarus Group operating out of North Korea. The blockchain analytics company Elliptic conducted the examination. The company didn’t specify which coins or tokens were frozen, though. According to Elliptic, it informed Binance and Houbi of the information and they quickly took action to freeze the accounts connected to the Lazarus Group.
The stolen money stayed dormant until lately, when their investigators started to notice how it was being sent to exchanges through intricate sequences of transactions. They were able to immediately suspend these accounts and freeze funds by informing these platforms about these unauthorized deposits.
Since the Harmony exploit, it has been well-documented that Lazarus Group has turned to Tornado Cash, a privacy mixer that is now sanctioned by the US OFAC, in an effort to sever the transaction trail linking a transaction to the original theft. Elliptic investigators were able to track all of the stolen monies passed through the mixer in this case, despite the fact that doing so is supposed to make it simpler to withdraw money from an exchange, according to the report.
The collaboration between Binance and Huobi on this issue is not new. The two platforms were able to freeze and retrieve 121 Bitcoin associated with the Harmony assault, which was worth $2.5 million at the time.
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