James Atkins
Editor
Editor
The security teams of Binance and Huobi took a collaborative effort to halt. And reclaim 121 BTC from the cybercriminals responsible for exploiting the Harmony bridge.
The collaboration between Binance and Huobi allowed them to successfully track down the source of the malicious activity, leading to the recovery of 121 BTC.
Binance security worked together with Huobi Security teams to identify a suspicious address that was used to launder the stolen funds. Binance and Huobi were able to track down the source of the malicious activity and recover all of the stolen funds.
According to Binance Security, the attack was initiated by a group of hackers that exploited an existing vulnerability in Binance’s smart contract system. Binance has since patched the vulnerability and taken measures to prevent similar attacks in the future.
Huobi also took action by deactivating BEP-20 tokens that were connected to the Harmony Bridge to prevent any further losses.
The successful recovery of 121 BTC is a major success for Binance and Huobi. As it shows that their security teams can quickly identify malicious activity and take action to protect users.
It is also a testament to the importance of having proper security measures in place to prevent similar attacks from occurring in the future.
Binance CEO Changpeng Zhao tweeted that hackers tried to transfer money from Binance through Huobi’s system. However, they were not successful because Binance has better security.
Huobi also released a statement saying that they had identified the address connected with the attack. And blocked any further attempts at moving funds out of their system.
According to Zhao, the exchanges recovered a total of 121 BTC, estimated to be worth around $2.5 million at the time of writing. Binance and Huobi have stated that they will continue to investigate the attack. And take any necessary measures to prevent further similar incidents in the future.
The Binance CEO stresses the importance of security protocols. Stating that this incident demonstrated just how important it is for users as well as exchanges to have proper security measures in place.
Zhao also urged Binance customers to be mindful of phishing attacks and to use Binance’s two-factor authentication system for better protection.
This past weekend, the renowned on-chain crypto detective, ZachXBT, observed that 41000 Ether ETH worth approximately $64 million was being moved by hackers. For nefarious purposes before Binance and Huobi detected it and froze the funds.
Binance and Huobi quickly responded to ZachXBT’s findings by tracking down the hacker’s address and freezing their assets.
Binance’s CEO Changpeng Zhao (CZ) credited the quick action of Binance and Huobi in a tweet. Saying that “all funds were tracked down and secured by both Binance and Huobi Global teams.”
This incident serves as an important reminder to cryptocurrency users to be vigilant about their security at all times. Binance and Huobi acted swiftly to secure the funds and demonstrate why users should entrust their cryptocurrency with these two industry giants.
This incident reaffirms Binance’s commitment to providing a safe trading environment for its customers. As well as its dedication to ensuring that user funds are secured against potential malicious activity.
Huobi’s ability to track down and secure the stolen funds further emphasizes their effectiveness in the implementation of anti-theft measures.
Binance and Huobi have demonstrated their commitment to user security by reclaiming 121 BTC from Harmony Bridge hackers. Binance’s dedication to creating a safe trading environment and Huobi’s effectiveness in preventing theft make them two of the most trusted cryptocurrency exchanges.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
