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MoneyBridge and Huobi freeze cryptocurrency related to HarmonyBridge theft and North Korean hackers

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On February 15, the blockchain analysis company Elliptic said that the cryptocurrency exchange, MoneyBridge and Huobi, on Tuesday frozen the cryptocurrency wor…

MoneyBridge and Huobi freeze cryptocurrency related to HarmonyBridge theft and North Korean hackers

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

Interpretation of the news:


On February 15, blockchain analysis company Elliptic made an announcement that is sure to ruffle the feathers of the HarmonyBridge theft and North Korean hackers. The company said that MoneyBridge and Huobi, two cryptocurrency exchanges, had frozen cryptocurrency worth 1.4 million dollars related to the theft and the suspected hackers. Elliptic tracked the stolen funds through TornadoCash and provided the exchanges with the necessary information to freeze the affected accounts.

MoneyBridge and Huobi are among the largest cryptocurrency exchanges in the world. MoneyBridge is headquartered in the Seychelles while Huobi is based in Singapore. The two exchanges have a combined daily volume of more than $5 billion. They were not immediately available to comment on the freezing of the assets.

The HarmonyBridge theft happened in October 2020 when hackers stole $5.3 million worth of cryptocurrencies from the South Korean-based platform. The hackers used a vulnerability in the platform’s smart contract to steal the funds. The attack was attributed to the North Korean Lazarus Group, which has been linked to several high-profile cyberattacks.

Elliptic has been closely monitoring the stolen funds since the theft took place. The company identified a TornadoCash smart contract that was used to mix the stolen funds in an effort to hide their source. Elliptic was able to track the funds and connect them to several cryptocurrency exchanges, including MoneyBridge and Huobi. Elliptic then provided information to the exchanges, prompting them to freeze the accounts associated with the funds.

Elliptic’s efforts to track the stolen funds are a significant milestone in the fight against cybercrime. The company’s blockchain analysis technology enables it to trace the movement of funds on the blockchain, making it easier to identify and track cybercriminals. The freeze of the affected accounts is a clear indication that it is possible to implement effective measures against cybercriminals who try to use cryptocurrency exchanges to launder stolen funds.

In conclusion, the freezing of the cryptocurrency assets related to the HarmonyBridge theft and North Korean hackers shows how blockchain analysis is becoming an essential tool in the battle against cybercrime. MoneyBridge and Huobi’s prompt action to freeze the affected accounts is commendable and serves as an example for other cryptocurrency exchanges to follow in the fight against money laundering and cybercrime.

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