Binance and Huobi freeze $1.4M worth of stolen crypto assets

Binance and Huobi have frozen $1.4M worth of crypto assets stolen by North Korean hacking group, Lazarus. The exchanges were able to suspend the accounts linked to Lazarus thanks to the findings of Elliptic.
Dot
February 23, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: Wikimedia Commons
In the words of Elliptic CEO Simone Maini, “Today, money laundering was detected and stolen funds linked to North Korea were frozen, in real time.” 

Crypto exchanges Binance and Huobi have frozen $1.4M worth of crypto assets stolen by Lazarus, a North Korean hacking group.

The news follows an earlier development when the two exchanges recovered 124 Bitcoin (BTC) from Lazarus.

In June 2022, Lazarus caused one of the largest crypto heists of the year when they exploited the Horizon Bridge. In the aftermath of the attack, the hackers escaped with over $100M in Ethereum (ETH), BNB (BNB), Tether (USDT), USD Coin (USDC), and Dai (DAI) tokens.

The group became dormant after using the coin-mixing tool Tornado Cash to launder the stolen funds.

In its blog post, blockchain analysis firm Elliptic claimed that Lazarus attempted to move these assets to exchanges through complicated transactions. Elliptic noted that its investigators managed to track these funds through Tornado Cash. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Manini added,

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

Elliptic stated that it notified Binance and Huobi about its findings. Subsequently, the exchanges suspended the accounts linked to Lazarus and froze the stolen assets. However, Elliptic has yet to reveal the names of the frozen tokens.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Binance and Huobi freeze $1.4M worth of stolen crypto assets

HomeCrypto exchanges
Contents
Changpeng Zhao; Photo Source: Wikimedia Commons
In the words of Elliptic CEO Simone Maini, “Today, money laundering was detected and stolen funds linked to North Korea were frozen, in real time.” 

Crypto exchanges Binance and Huobi have frozen $1.4M worth of crypto assets stolen by Lazarus, a North Korean hacking group.

The news follows an earlier development when the two exchanges recovered 124 Bitcoin (BTC) from Lazarus.

In June 2022, Lazarus caused one of the largest crypto heists of the year when they exploited the Horizon Bridge. In the aftermath of the attack, the hackers escaped with over $100M in Ethereum (ETH), BNB (BNB), Tether (USDT), USD Coin (USDC), and Dai (DAI) tokens.

The group became dormant after using the coin-mixing tool Tornado Cash to launder the stolen funds.

In its blog post, blockchain analysis firm Elliptic claimed that Lazarus attempted to move these assets to exchanges through complicated transactions. Elliptic noted that its investigators managed to track these funds through Tornado Cash. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Manini added,

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

Elliptic stated that it notified Binance and Huobi about its findings. Subsequently, the exchanges suspended the accounts linked to Lazarus and froze the stolen assets. However, Elliptic has yet to reveal the names of the frozen tokens.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

In the words of Elliptic CEO Simone Maini, “Today, money laundering was detected and stolen funds linked to North Korea were frozen, in real time.” 

Crypto exchanges Binance and Huobi have frozen $1.4M worth of crypto assets stolen by Lazarus, a North Korean hacking group.

The news follows an earlier development when the two exchanges recovered 124 Bitcoin (BTC) from Lazarus.

In June 2022, Lazarus caused one of the largest crypto heists of the year when they exploited the Horizon Bridge. In the aftermath of the attack, the hackers escaped with over $100M in Ethereum (ETH), BNB (BNB), Tether (USDT), USD Coin (USDC), and Dai (DAI) tokens.

The group became dormant after using the coin-mixing tool Tornado Cash to launder the stolen funds.

In its blog post, blockchain analysis firm Elliptic claimed that Lazarus attempted to move these assets to exchanges through complicated transactions. Elliptic noted that its investigators managed to track these funds through Tornado Cash. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Manini added,

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

Elliptic stated that it notified Binance and Huobi about its findings. Subsequently, the exchanges suspended the accounts linked to Lazarus and froze the stolen assets. However, Elliptic has yet to reveal the names of the frozen tokens.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Written by
Ayush Pande