Wed. Jul 17th, 2024

• Binance and Huobi blocked $1.4 million in crypto funds related to the June 2022 Harmony bridge exploitation.
• Blockchain analytics firm Elliptic conducted investigations that led to the fund recovery.
• The US Federal Bureau of Intelligence tracked the Harmony exploit to the North Korean Lazarus Group.

North Korean Hackers Exploit Harmony Bridge

On June 22, 2022, hackers from North Korea’s notorious Lazarus crime group exploited Harmony’s Horizon Bridge and stole ~$100 million in crypto assets. The attack lasted 18 minutes, allowing the hackers to transfer various tokens via 11 transactions and send them to another wallet on Uniswap decentralized exchange to swap them for Ether.

Blockchain Analytics Firm Tracks Funds

After tracking the stolen funds, blockchain analytics firm Elliptic notified exchanges Binance and Huobi about illegal deposits on their platforms. They then froze accounts linked to the hackers which held about $1.4 million in crypto tokens.

US Federal Bureau of Intelligence Investigates

The US Federal Bureau of Intelligence tracked the Harmony exploit back to North Korean Lazarus Group responsible for multiple crypto-related money laundering incidents over time. Investigations are still ongoing as authorities look for more leads towards recovering more funds from this incident.

Crypto Platforms Take Precautionary Measures

In light of such hacks and scams becoming increasingly prevalent in cryptocurrency circles, platforms must take precautionary measures against such attacks and be one step ahead of perpetrators at all times. The recent seizure of funds by Binance and Huobi is an example of how early detection can help prevent further losses and recover some funds before they get lost forever or end up in wrong hands due to money laundering activities.

Bitcoin Price Continues To Climb

Despite security threats posed by malicious actors, Bitcoin price continues its upward trend with a trading price currently above $22,500 in its daily chart – suggesting investor confidence remains strong despite these attacks

By admin