Huobi Launches Cyber Security Arm Z-Labs
- Z-Labs will leverage Huobi’s existing tracking system to maintain the security of the network.
- The new division will focus on cyber security, on-chain intelligence analysis, and risk control.
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According to a Huobi press release from 10 June, the new research division will focus on cyber-security, on-chain intelligence analysis, and risk control. Z-Labs will be composed of experts in the fields of security, risk control, and compliance, working together to better identify and prevent crypto-related crimes, the company said.
In 2019, Huobi launched the Star Atlas on-chain tracking system, which has so far accumulated over 1 billion pieces of intelligence data gathered from on-chain and event analysis. The number of addresses identified by Start Atlas has exceeded 150 million, with more than 200,000 of them connected with malicious behavior such as money laundering, fraud, coin shuffling, etc.
Z-Labs will leverage Star Atlas’ cutting-edge tracking system to maintain the security of the Huobi network and mitigate the risks associated with the blockchain space.
The launch of Z-Labs is the latest move in Huobi’s global effort to focus more on regulatory compliance. Earlier this year, the exchange acquired three separate licenses from Hong Kong regulators—the No. 4 License for advising on securities, the No. 9 License for providing asset management, and the Hong Kong Trust and Company Service Provider License. Huobi currently possesses licenses to operate legally in Japan, South Korea, Thailand, Gibraltar, Hong Kong, Nevada, and various other regions of the world.
- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
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- Cryptocurrency exchange Huobi revealed that it is working on acquiring a crypto trading license in Hong Kong, and on opening a new trading platform in the city.
- The expansion was motivated by the Securities and Futures Commission’s (SFC) upcoming licensing regime, which could also allow retail investors to trade crypto.
- North Korea’s Lazarus Group has moved around $63.5 million of crypto assets connected to the Harmony bridge hack over the weekend.
- The hackers tried to move a portion of the funds through Binance and Huobi, but the exchanges were able to freeze their account and recover around 124 BTC.