Monday, March 4, 2024

Binance and Huobi Set to Recover $2.5 million from Harmony Bridge Hackers.

The security teams at Binance and Huobi crypto exchanges are respectively working to recover 121 Bitcoin, worth $2.5 million, from hackers behind the Harmony bridge exploit.

Changpeng Zhao, Binance CEO, tweeted that hackers tried to launder their funds through the Huobi exchange. Binance detected this just in time and contacted Huobi. As such, they were able to freeze and recover the cryptocurrencies deposited by the hackers. CZ said 124 BTC has been recovered.

ZachXBT, an on-chain crypto detective, had said that hackers behind the exploit were moving 41,000 Ether, worth $64 million over the weekend. He tweeted that North Korea’s Lazarus Group had a very busy weekend moving $63.5 million from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges. ZachXBT didn’t highlight the names of the exchanges used by the exploiters. The Harmony team detected the exploit in June 2022. They highlighted that $100 million in funds was compromised.

This heightened concerns about some of the multi-sig wallets securing the Horizon bridge. The Lazarus Group was identified on June 30 as a suspect in the exploitation. Elliptic, a blockchain analysis firm, pointed out the similarities of other hacks by the infamous North Korean hacking group. The Horizon bridge exploitation is now listed as one of the largest exploits and hacks in 2022.

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