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Cryptocurrency Exchange Freezes Funds Related to HarmonyBridge Theft and Suspected 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…

Cryptocurrency Exchange Freezes Funds Related to HarmonyBridge Theft and Suspected 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:


Elliptic, a blockchain analysis company, has reported that on February 15, MoneyBridge and Huobi cryptocurrency exchanges have frozen cryptocurrency worth $1.4 million associated with the HarmonyBridge theft and suspected North Korean hackers. Elliptic monitored the funds through TornadoCash, a privacy-focused tool that anonymizes transactions, and provided information to the exchanges, which resulted in the freezing of their accounts.

The freezing of the funds is a significant move in the fight against cybercrime and highlights the increasing role of blockchain analysis in tracking illicit activities in the cryptocurrency market. Elliptic’s use of TornadoCash also demonstrates the significance of privacy tools in the criminal underworld and the need for companies to have effective monitoring tools in place.

HarmonyBridge was a South Korean exchange that was hacked in August 2020, with the loss of $14 million in bitcoin and other cryptocurrencies. The theft was attributed to Lazarus Group, a North Korean hacking group that has been implicated in several high-profile cyberattacks. The group is thought to have stolen more than $500 million in cryptocurrencies to finance the country’s weapons program.

The freezing of the funds related to the HarmonyBridge theft and the suspected North Korean hackers is a clear signal to cybercriminals that they cannot operate with impunity in the cryptocurrency market. It is also a warning to cryptocurrency exchanges to take their responsibilities seriously and in meeting stringent regulatory compliance standards.

The move by MoneyBridge and Huobi is a clear demonstration of their commitment to tackling the issue of cryptocurrency-related crime. The freezing of the funds is a positive move toward eradicating the use of cryptocurrencies by illicit actors and making the market safer and more secure.

In conclusion, the freezing of funds by MoneyBridge and Huobi cryptocurrency exchanges is a significant step in the fight against cybercrime and highlights the importance of blockchain analysis in tracking illicit activities in the cryptocurrency market. Privacy tools such as TornadoCash also play a critical role in the criminal underworld, and companies must have effective monitoring tools to stay ahead of the game. The title “Cryptocurrency Exchange Freezes Funds Related to HarmonyBridge Theft and Suspected North Korean Hackers” and keywords “blockchain analysis, cryptocurrency exchange, frozen funds” sum up the key points of the story.

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