Binance & Huobi Recover $2.5M in Stolen Funds From Harmony Bridge Hack

• Binance and Huobi security teams have recovered 121 bitcoins from the Harmony bridge hackers.
• The hackers had tried to launder the stolen funds of $2.5 million on the Huobi exchange.
• On-chain crypto detective ZachXBT had tweeted that the hackers were also moving 41,000 ETH worth about $64 million over the weekend.

The cryptocurrency industry was left reeling after one of the biggest hacks of 2022 took place in June of last year. Over $100 million was lost in the Harmony bridge exploit and industry players were only beginning to come to terms with the loss. However, seven months later, there is still hope that some of the stolen funds can be recovered.

This weekend, Binance and Huobi security teams teamed up to freeze and recover some of the stolen funds. Binance CEO Changpeng Zhao tweeted that the hackers had tried to launder 121 bitcoins worth about $2.5 million on the Huobi exchange. Binance then alerted Huobi of the suspicious activity and both teams worked together to freeze and recover the stolen crypto assets.

In addition to the 121 bitcoins, on-chain crypto detective ZachXBT had tweeted earlier that the hackers were also moving 41,000 ETH worth about $64 million over the weekend. Thus, the hackers have now been prevented from laundering the stolen funds.

The coordinated effort by Binance and Huobi to recover the stolen funds is a testament to the resilience of the industry. It also shows that the security measures in place are effective in preventing criminals from laundering the stolen funds.

Though the damage has already been done, the recovery of the stolen funds is an encouraging sign that highlights the importance of collaboration and coordination in the industry. The industry will now be looking to see if any more of the stolen funds can be recovered.