Binance and Huobi Lock Up $1.4 Million in North Korean-Linked Crypto

Cryptocurrency Exchanges Binance Huobi Have frozen around $1.4 million in digital currencies connected to North KoreaAccording to blockchain analytics firm Elliptic. The agency noted that the stolen funds, which had been inactive until recently, were detected by them Originated from the June 2022 hack of Harmony’s Horizon Bridge.

Binance Huobi Block Cryptocurrencies Related To North Korea

Blockchain Analytics agency Elliptic Mentioned in Tuesday It has partnered with cryptocurrency exchanges Binance Huobi “to freeze the proceeds of the Lazarus Group hack.” Elliptical wrote:

Cryptocurrency Exchanges Binance Huobi As of now, we have frozen accounts that contain approximately $1.4 million worth of crypto assets which originated from the June 2022 Hack of Harmony’s Horizon Bridge.

“Horizon’s cross-chain bridge was attacked on June 24, 2022, resulting in the loss of $99.6 million worth of crypto assets. These funds were then laundered through the now sanctioned Tornado Cash,” The blockchain analytics agency detailed. Ethereum mixer Tornado Cash Was prohibited in its entirety August The US Department Of Treasury’s Office Of Foreign Assets Control (OFAC).

The Horizon Bridge Hacker sent greater than 98% of the stolen crypto property value $100 million to the hackers Tornado Cash mixer, Elliptic Mentioned in June Last year. The The stolen crypto property was ether (ETH), USDT (tether), wrapped bitcoins (WBTC), and ether (ETH). Binance Coin (BNB), the agency famous, which the hacker used instantly Uniswap To transform Ethereum-based assets. 85,837 EETH

Elliptic Investigators tracked the complete route of your funds via the mixer and attributed the hack to the Lazarus Group?, North KoreanCybercrime group managed The Federal Bureau Of Investigation Later, (FBI), confirmed the involvement by the Lazarus Group Within the hack. Elliptical continued:

The Stolen funds were lying dormant until our investigators began to see them being funneled through complex transaction chains to other exchanges.

Elliptic CEO Simone Maini commented:

Today The money laundering was identified and stolen funds were linked to North Korea In real time, they have been frozen

“As an industry, we have the power and responsibility to prevent digital assets from becoming a haven for money launderers and sanctions evaders, and to ensure they are a force for good,” The CEO added as well.

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