Sunday, September 8, 2024
HomeLaw & PoliticsBinance recovers $5.8M stolen crypto assets funds from Axie Infinity hack

Binance recovers $5.8M stolen crypto assets funds from Axie Infinity hack

Part of the stolen funds by the DPRK (North Korea) hacking group from Axie Infinity have been recovered by Binance.

Changpeng Zhao, the CEO of crypto exchange Binance, said on Twitter that the top trading platform has recovered $5.8 million from the epic $625 million Axie Infinity heist. The heist was carried out by the Lazarus Group with North Korea’s secret service. Zhao alleges that the funds were distributed over 86 separate accounts. 

The Ronin Bridge, an Ethereum sidechain that powers Axie Infinity, stated that it has been the victim of one of the largest crypto heists ever, with the perpetrators making off with $625 million. As previously reported, the hackers utilised the anonymity tool Tornado Cash to transfer stolen cash to ether and other cryptocurrencies. Several thousand ether (ETH) have been transferred in the last few days from the hacker’s primary address, which has been dubbed the Ronin Bridge Exploiter on the tracking site Etherscan. 

On April 14, the US authorities stated that the huge Ronin attack was carried out by the Lazarus Group, a prominent cybercrime organisation affiliated with North Korea’s secret service.

The cash is being used by North Korea to support the development of nuclear weapons and intercontinental missiles. After a series of successful hacks in 2021, the “hermit kingdom” seized $400 worth of bitcoin. Hackers supported by North Korea frequently use decentralised finance mixers to launder stolen assets.

In response to North Korean threats, several US government organisations issued a warning to crypto and blockchain-related firms earlier this week. Apart from Lazarus, the totalitarian regime is said to support a number of other hacking organisations. The rogue state has its sights set on exchanges, trading businesses, games, and individual investors.

Read more:

Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five × one =

- Advertisment -

Most Popular