{"id":133218,"date":"2023-02-15T08:57:13","date_gmt":"2023-02-15T08:57:13","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=133218"},"modified":"2023-02-15T15:17:52","modified_gmt":"2023-02-15T15:17:52","slug":"together-with-binance-and-huobi-elliptic-has-frozen-funds-stolen-from-the-lazarus-group-hack","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/together-with-binance-and-huobi-elliptic-has-frozen-funds-stolen-from-the-lazarus-group-hack\/","title":{"rendered":"Along with Binance and Huobi, Elliptic has frozen funds stolen by the Lazarus Group"},"content":{"rendered":"
In a bold move, cryptocurrency exchanges Binance and Huobi took swift action to freeze accounts containing approximately $1.4 million in crypto assets<\/strong> linked to a notorious cybercrime organization in North Korea. This was made possible thanks to the tireless efforts of Elliptic’s team of investigators<\/a>,<\/strong> who provided critical intelligence that allowed for a quick response.<\/span><\/p>\n It all began on a fateful day in June 2022 when the Horizon cross-chain bridge was hacked, resulting in the loss of a staggering $99.6 million in crypto assets. The funds were then siphoned through the now-sanctioned Tornado Cash, effectively laundering them and making them difficult to trace.<\/span><\/p>\n Enter Elliptic, and their team of investigators unraveled the entire web of transactions<\/strong> used to move the stolen funds. Through their tireless efforts, they were able to connect the dots and trace the illicit flow of money back to the Lazarus Group, a notorious cybercrime organization controlled by North Korea.<\/span><\/p>\n With the assistance of the FBI, Elliptic could confirm the attribution. It wasn’t long before they discovered that the funds had been lying dormant<\/strong> until recently when they began to resurface through complex transactions.<\/span><\/p>\n Elliptic’s CEO, Simone Maini, was elated that their hard work had paid off. She remarked:<\/span><\/p>\n “Today, we were able to detect money laundering and freeze funds linked to North Korea in real-time. This is a huge win for our industry,d it shows that we have the power and responsibility to ensure that digital assets are not used for illegal activities.”<\/span><\/em><\/p>\n Binance and Huobi were able to respond swiftly and freeze the accounts containing the stolen funds is a testament to the power of collaboration between crypto exchanges and investigators<\/strong>. This action sends a clear message to would-be hackers and cybercriminals that their illicit activities will not be tolerated in cryptocurrency.<\/span><\/p>\n As we move towards a more decentralized financial system, companies must work together to prevent digital assets from becoming a haven for money launderers and other nefarious actors. By taking a proactive approach and implementing strict security measures, we can ensure that cryptocurrencies are a force for good<\/strong>, helping drive economic growth and providing financial access to millions worldwide.<\/span><\/p>\nThe Fight Continues<\/span><\/h2>\n
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