• 15 June, 2024
Crypto Exchanges News

Huobi and Binance Stop a Harmony One Hacker From Laundering Cash Via Huobi

The official advisor of Huobi, Justin Sun, made the announcement that the company was successful in detecting and thwarting an effort by a Harmony One hacker to launder money via Huobi. This was made possible by Huobi’s devoted staff as well as coordination with Binance, he says.

In addition, Sun said that this is a perfect example of how centralized exchanges (CeFi) can work together to keep the cryptocurrency community safe, sound, and unharmed. He added pledged that they would continue to be watchful in their efforts to safeguard the cash of their users and provide an atmosphere that is safe and secure for trading.

The CEO of Binance, Changpeng Zhao, also known as “CZ,” said that the exchanges had recovered a total of 121 BTC, which, as of the time this article was written, was calculated to be worth approximately $2.5 million.

In related developments, only a few days ago, it was revealed that Huobi has removed a number of tokens from their exchange. Trading in the tokens will come to an end, and they will be removed from circulation forever.

The company said at the time:

“Huobi reserves the right, based on the severity of the incident, to hide or cease trading in accordance with the following events: 1) [Tokens] Labeled with ‘ST’ warning and not canceled within 30 days. 2) [Tokens] That do not meet the requirement of having $50,000 in daily trading volume.”

Binance, on the other hand, recently joined a group that offers education on complying with penalties. The exchange has joined the ranks of other international organizations and financial institutions with this decision, which is part of an endeavor to strengthen its expertise in this area.

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