cryptocurrency

US authorities recover $30 million in Ronin Bridge Hack

  • Development news was announced by Chainalysis.
  • Cryptocurrency was stolen from the Ronin network by Lazarus, a hacker group.

Cryptocurrency worth $30 million has been recovered from North Korean-linked hackers by US authorities. The development news was announced by Chainalysis, a blockchain data platform.

Erin Blunt, Senior Director of Investigations at decomposition, provided additional context in a recent blog post. According to his article, the government has benefited from Chainalysis’s collaboration with law enforcement and other crypto groups. Collectively, they have the potential to hold close to $30 million in cryptocurrency.

Combined effort yields small but positive results

Cryptocurrencies of this type were taken from the Ronin Network by Lazarus, a hacker group with ties to North Korea. Axie Infinity Games’ commercial transactions are carried out using the Ronin Network. The Ronin Blockchain team revealed in a blog post on March 29, 2022, that the network was hacked for 173,600 ETH and $25.5 million. These two operations cost $625 million.

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

Tornado Cash, a decentralized cryptocurrency mixer, was also found to be the main tool used by hackers. However, the Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted Tornado Cash in August 2022 for facilitating the laundering of more than $7 billion in digital currencies.

One of OFAC’s special notes was its role in the laundering of approximately $455 million in stolen cryptocurrency from Axie Infinity. Furthermore, Lazarus Outfit, a state-sponsored hacking group in the Democratic People’s Republic of Korea, has been called in for its involvement.

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