Exchanges Freeze Cryptocurrency Related to HarmonyBridge Theft and Suspected North Korean Hackers

02/15/2023 01:33 • Tech Ticker • 152 views

On February 15, the blockchain analysis company Elliptic said that the cryptocurrency exchange, MoneyBridge and Huobi, on Tuesday frozen the cryptocurrency worth 1.4 million dollars related to the HarmonyBridge theft and the suspected North Korean hackers. Ellipic said in a blog post that it tracked the funds through TornadoCash and provided information to the two exchanges, prompting them to freeze their accounts.

Coin and Fire will freeze US $1.4 million cryptocurrency related to HarmonyBridge theft

Interpret the above information:

Elliptic, a blockchain analysis company, recently reported that two cryptocurrency exchanges, MoneyBridge and Huobi, have frozen cryptocurrency worth 1.4 million dollars. This action was taken due to the suspected involvement of the funds in the HarmonyBridge theft and the involvement of North Korean hackers.

The movement of the funds was tracked by Elliptic through TornadoCash. The company then provided information to the two exchanges, which led them to freeze the corresponding accounts. According to the blog post by Elliptic, the funds belonged to individuals who were associated with the North Korean hacker group called Lazarus. This group has been linked with numerous high-profile hacks, including the WannaCry ransomware attack in 2017.

The move by the two exchanges to freeze the accounts is a positive development in the fight against cybercrime and money laundering in the cryptocurrency industry. It shows that these exchanges are taking their regulatory obligations seriously and are committed to helping authorities in their investigations. This action could also deter other hackers from attempting similar attacks in the future, as they will likely be aware that their activities will be closely monitored.

This is not the first time that Elliptic has been involved in tracking illicit activities on the blockchain. The company has previously collaborated with law enforcement agencies to help identify and track down criminals who use cryptocurrencies to fund illegal activities. This includes drug trafficking, terrorism financing, and money laundering.

Overall, the freezing of the accounts related to the HarmonyBridge theft and suspected North Korean hackers demonstrates that the cryptocurrency industry can be a valuable tool in the fight against cybercrime. By working closely with regulatory authorities and blockchain analysis companies, exchanges can help ensure that cryptocurrencies are not used to fund illegal activities. The success of this operation should be seen as a warning to other hackers who may be considering similar activities in the future.

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