Cryptocurrency Exchange Freezes Funds Linked to North Korean Hackers

02/15/2023 01:33 • Digital Disruptors • 90 views

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

Analysis based on this information:

The news of cryptocurrency exchanges freezing crypto assets worth $1.4 million related to the HarmonyBridge theft and North Korean hackers has caught the attention of many. Blockchain analysis company Elliptic issued a statement that stated it tracked the funds through TornadoCash and tipped off the exchanges to freeze the funds. This move is seen as a significant step towards combatting cybercrime.

The freezing of these funds is a positive development in the progressive world of cryptocurrencies. With the increase in blockchain technology, it has become more challenging to keep track of transactions and to identify cybercrime activities, especially when cryptocurrencies are involved. However, blockchain analysis companies are now playing a critical role in identifying suspicious activities that take place on these platforms.

The role of blockchain analysis companies has become crucial in combating cybercrimes. These companies have developed sophisticated ways to identify patterns of transactions that are not in line with regular trading activities. The ability to monitor and identify suspicious activities is providing a new layer of security for users trading in cryptocurrencies.

In this case, Elliptic identified the transactions relating to HarmonyBridge theft and alerted the exchanges. This move led to the crypto assets being frozen, preventing the hackers from accessing the funds. With other exchanges becoming more vigilant, it is becoming increasingly difficult for hackers to convert stolen cryptocurrencies into cash.

The fight against cybercrime is an ongoing battle that requires the collaboration of all stakeholders. Exchanges, blockchain analysis companies and governments must work together to strengthen security measures on these platforms. The freezing of these funds is a positive step towards sending a message to hackers that their activities are being monitored, and there are consequences for engaging in illegal activities.

In conclusion, the freezing of these funds sends a strong message to cybercriminals that the world of cryptocurrencies is becoming less of a safe haven for their activities. Blockchain analysis companies are providing essential services in identifying and monitoring suspicious activities. With proper collaboration from all stakeholders, the world of cryptocurrencies can become a safer place for users to conduct their trades.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/02/15/cryptocurrency-exchange-freezes-funds-linked-to-north-korean-hackers/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Cryptocurrency Exchange Freezes Funds Linked to North Korean Hackers

Coin and Fire will freeze US $1.4 million cryptocurrency related to HarmonyBridge theft

Recommended articles