Binance and Huobi’s security teams worked together to freeze and retrieve 121 Bitcoin (BTC) from the Harmony bridge exploit attackers. In a tweet, Binance CEO Changpeng Zhao said that the exchanges had recovered 121 BTC, which was worth about $2.5 million at the time this was written.
When the Harmony project announced that $100 million in funds had been stolen on June 24, 2022, the exploit took place. The hack brought to light a number of issues that community members had previously raised regarding the safety of the multisig wallets that the Horizon bridge uses.
Later, the $100 million Harmony hack was traced back to the North Korean hacking group Lazarus Group. By targeting employee login credentials, the hackers were able to break into Harmony’s security system and use laundering programs to move the stolen assets.
Huobi Finds The Loophole There
Before Binance and Huobi detected and frozen the funds, on-chain crypto detective ZachXBT had noted that the exploit’s hackers were moving 41,000 Ether (ETH) worth approximately $64 million over the weekend.
Binance and Huobi collaborated to freeze the hackers’ deposited digital assets. Huobi was able to recover the funds and freeze them, according to Zhao. 124 BTC were recovered all together.
The fact that Binance and Huobi took the initiative to recover funds from the hackers is a welcome indication that the two exchanges are working to protect the funds of their customers. It also demonstrates that the exchanges are willing to cooperate in the fight against criminals and safeguarding the funds of their customers.
One of the most significant exploits and hacks in 2022 was the Horizon bridge breach, which serves as a reminder of the importance of exchanges safeguarding customer funds. A positive step in the right direction, Binance and Huobi’s action to recover the funds may help restore investor confidence in the exchanges.
