Binance Collaborates With Huobi To Recover $2.5M Worth Of Bitcoin Assets From Hackers

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Changpeng Zhao; Photo Source: Metaschool
In the words of Justin Sun, Co-Founder of TRON and member of Huobi’s global advisory board, “We're proud to announce that thanks to our dedicated team and collaboration with Binance, we were able to detect and prevent a Harmony One hacker from attempting to launder funds through Huobi Global.”

Crypto exchanges Binance and Huobi teamed up to recover 124 Bitcoin (BTC) tokens from the hackers behind the Horizon Bridge Hack of 2022.

Earlier today, blockchain investigator ZachXBT informed the community that Lazarus Group, the perpetrators responsible for draining crypto worth $100M from Horizon Bridge, attempted to transfer 41K Ethereum (ETH) tokens between January 13 and 14. 

According to ZachXBT, the hackers moved the $63.5M worth of Ethereum through Railgun, a tool that uses zk-SNARKs cryptography to maintain the anonymity of blockchain transactions. The Lazarus Group subsequently deposited the funds in three exchanges: Binance, Huobi, and OKX.



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A few hours later, Changpeng Zhao, the CEO of Binance, announced that the exchange’s security team detected fund movement from a hacker. He noted that the hacker attempted to launder funds via Huobi after Binance froze his account. As a result, the security teams of the two exchanges were able to recover the 124 BTC (worth $2.58M) from the hacker's account.

Written by
Ayush Pande
In the words of Justin Sun, Co-Founder of TRON and member of Huobi’s global advisory board, “We're proud to announce that thanks to our dedicated team and collaboration with Binance, we were able to detect and prevent a Harmony One hacker from attempting to launder funds through Huobi Global.”

Crypto exchanges Binance and Huobi teamed up to recover 124 Bitcoin (BTC) tokens from the hackers behind the Horizon Bridge Hack of 2022.

Earlier today, blockchain investigator ZachXBT informed the community that Lazarus Group, the perpetrators responsible for draining crypto worth $100M from Horizon Bridge, attempted to transfer 41K Ethereum (ETH) tokens between January 13 and 14. 

According to ZachXBT, the hackers moved the $63.5M worth of Ethereum through Railgun, a tool that uses zk-SNARKs cryptography to maintain the anonymity of blockchain transactions. The Lazarus Group subsequently deposited the funds in three exchanges: Binance, Huobi, and OKX.



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


A few hours later, Changpeng Zhao, the CEO of Binance, announced that the exchange’s security team detected fund movement from a hacker. He noted that the hacker attempted to launder funds via Huobi after Binance froze his account. As a result, the security teams of the two exchanges were able to recover the 124 BTC (worth $2.58M) from the hacker's account.

Written by
Ayush Pande