U.S Authorities Recover $30M Worth Crypto of Ronin Bridge Hack

Published 10-09-2022, 02:40 pm
Updated 10-09-2022, 07:15 pm
© Reuters U.S Authorities Recover $30M Worth Crypto of Ronin Bridge Hack
BTC/USD
-
AXS/USD
-

  • News of the development was announced by Chainalysis.
  • Crypto was stolen from the Ronin Network by Lazarus, a hacker outfit.

Cryptocurrencies worth $30 million were recovered from hackers with ties to North Korea by U.S. authorities. News of the development was announced by Chainalysis, a blockchain data platform.

Erin Plante, Senior Director of Investigations at Chainalysis, provided further context in a recent blog post. According to his article, the government has benefited from Chainalysis’ cooperation with law enforcement and other crypto groups. Collectively, they have the potential to acquire almost $30M in crypto.

Joint Effort Brings Small Yet Positive Result

Cryptocurrencies of this kind were taken from the Ronin Network by Lazarus, a hacker outfit with ties to North Korea. Axie Infinity’s gaming business transactions are carried out using the Ronin Network. The Ronin Blockchain team revealed in a blog post on March 29, 2022, that the network has been hacked for 173,600 ETH and 25.5 million USDC. Those two trades cost $625 million.

The DeFi protocol said it was coordinating with law enforcement on a one-on-one basis to bring those responsible for the crimes to justice. According to Chainalysis, the stolen funds were dispersed among 12,000 unique cryptocurrency addresses.

Tornado Cash, a decentralized cryptocurrency mixer, was also found to be the major tool utilized by the hackers. However, the Office of Foreign Assets Control (OFAC) of the Department of the Treasury blacklisted Tornado Cash in August 2022 for facilitating the laundering of over $7 billion in digital currency.

A particular note to OFAC was its role in the laundering of nearly $455 million in stolen cryptocurrencies from Axie Infinity. Moreover, the Lazarus Outfit, a state-sponsored hacking group in the Democratic People’s Republic of Korea (DPRK), was also called out for its involvement.

Recommended For You:

Attackers on Ronin Bridge Made Off  $625M Switch Money to Bitcoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.