Binance and Huobi Freeze $1.4M in Crypto Linked Lazarus Group

Binance and Huobi have again frozen accounts linked to the Harmony Horizon bridge attack.
The two trading platforms froze $1.4 million worth of crypto.
Binance and Huobi have cooperated to work on the matter.

According to a recent post on Twitter by CryptoNewsLand, the most prominent cryptocurrency trading platforms, Binance and Huobi, cryptocurrency exchange have just reported freezing a total of $1.4 million.

The amount of money the two trading platforms have confiscated is reported to be connected to the hack that occurred in June 2022 on Harmony’s Horizon Bridge.

As per research conducted by the blockchain analytics company Elliptic, the amount of tokens the two organizations have frozen is related to a cybercriminal group in South Korea known as the Lazarus Group. However, the firm has not stated which tokens have been frozen.

In addition, Elliptic reported that it shared the information with Bianace and Huobi, who then took action and swiftly froze the capital in their respective exchanges after receiving it.

After the Harmony exploits, it is already common knowledge that Lazarus Group attempted to disguise their illicit behavior by utilizing the now-prohibited anonymizing service Tornado Cash. So, again, this information is already public knowledge.

Even though the mixer’s purpose was to make it easier to send cash at an exchange, Elliptic investigators could monitor all the stolen money that had traveled through it.

Last but not least, this is not the first time Binance and Huobi have worked together on this issue. Recently, the two platforms successfully froze and retrieved 121 Bitcoin (BTC), which had been related to the Harmony assault that took place on January 16. This amount was equivalent to $2.5 million at the time.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.