U.S Authorities Recovered the Hacked Cryptocurrency?

Published 09-09-2022, 01:10 pm
Updated 09-09-2022, 01:45 pm
© Reuters.  U.S Authorities Recovered the Hacked Cryptocurrency?

  • The North Korea Team used over 1200 different crypto addresses for hacking.
  • As per the Chainalysis team, groups connected to North Korea have stolen about $1 billion from DeFi Protocols.

US authorities have faced a hack of cryptocurrency worth $30 million worth of funds from the play-to-earn game Axie Infinity, which is linked with the North Korean hackers. And this is not a new thing. Lots of hacks are happening daily and most people are facing hard times due to these hacks.

The North Korea-linked team started withdrawal transactions, the firm claimed, using over 12,000 different crypto addresses to date, the first for 173,600 ether (ETH) and the last for 25.5 million USD Coin (USDC) 

The Chainalysis team has estimated that in 2022 the North Korea-linked groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols. The firm’s director of investigations said We’re positive this won’t be the last time cryptocurrency stolen by a North Korean hacking team has been retrieved.

Recovery of Hacked Funds

In March, more than $600 million from the Ronin Network was stolen. Ronin Network was a sidechain built for the play-to-earn game Axie Infinity. Chainalysis reported that five of the nine private keys held by the transaction validators for Ronin Network’s cross-chain bridge were hacked by the North Korea-affiliated hacking group Lazarus Group.

As per Plante, the seizures represent roughly 10% of the total funds stolen from Axie Infinit and Chainalysis had such a hand in them by using advanced tracing techniques to follow stolen funds to cash out points and dealing directly with law enforcement and industry players to quickly freeze funds.

As per the director of investigations, one of the most concerning trends in cryptocurrency crime at the present is the dramatic increase in funds taken from DeFi protocols, particularly cross-chain bridges.

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.