Binance CZ Drops Update Over Bitcoin Recovery From Harmony Hack

Binance CEO, Changpeng Zhao (CZ) dropped an update on the Harmony Bridge Hack. He mentioned that their team assisted the Huobi team to freeze the hacker’s accounts in order to recover Bitcoins. However, Justin Sun, shadow owner of Huobi exchange also shared details about this event.

Binance Huobi foils hackers’ attempt

CZ stated that Binance detected Harmony One hacker fund movement which earlier tried to launder through Binance. However, the hackers’ accounts were frozen in both attempts. CZ and the team assist the Huobi team to freeze accounts.

He highlighted that in this course of actions around 124 Bitcoin (approx worth $2.5 million at press time). Binance CEO called it CeFi helping Defi SAFU. CZ added that both crypto exchange security teams are in constant contact with each other.

Justin Sun, TRON founder and Huobi’s shadow owner stated that they are proud of this collaboration with Binance. He called it a prime example of how CeFi can team up and work together in order to keep the crypto industry safe. However, he made sure that both exchanges will continue to work together to protect funds.

Earlier, a crypto tracker reported that the North Korean Lazarus Group was moving heavy amounts of digital assets over the last weekend. It mentioned that the group moved around 41k Ethereum (approx worth $63.5 million). The hackers under Railgund before consolidating funds to deposit these funds on three different exchanges.

Will this event reassure investors?

This development can be labeled as a positive event for the digital asset market as investors’ sentiments were on a decline due to multiple scams and collapses last year.

However, the crypto market can see recovery as investors pick up the space. The cumulative market cap regained the $1 trillion level. Bitcoin price has surged by a whopping 22% in the last 7 days.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]