Ronin Bridge Hack: US Seizes $30 Million Crypto Assets

Ronin Bridge Hack: US Seizes  Million Crypto Assets

The United States has seized $30 million worth of cryptocurrency stolen by North Korean-linked hackers. it was the news chest Through the blockchain data platform decomposition.

In a recent blog post, Erin Plante, Director of Investigations, Chainalysis sheds more light on this issue. He wrote that Chainalysis’ collaboration with law enforcement and leading crypto organizations has helped the authorities. Together, they can grab more than $30 million in cryptocurrency.

This was the cryptocurrency stolen from the Ronen network by the North Korea-linked Lazarus hacking group.

Lazarus hits hard

Ronin Network is executing transactions related to gaming company Axie Infinity. On March 29, 2022, the Ronin Blockchain Team looking at In a blog that was tapped for 173,600 ETH and $25.5 million USD. These two operations resulted in a collective loss of $625 million.

The DeFi protocol said it was working directly with various government agencies to ensure that criminals were brought to justice. The laundered assets were distributed over 12,000 different crypto addresses according to Chainalysis.

The company has also identified Tornado Cash, a decentralized cryptocurrency mixer, as a primary tool used by hackers to launder crypto assets. In August 2022, the US Treasury’s Office of Foreign Assets Control (OFAC) accept it Tornado Cash to launder more than $7 billion in virtual currencies.

OFAC also confirmed that it was used to launder more than $455 million in stolen cryptocurrency from Axie Infinity. She also noted the role of the Lazarus Group, a hacking group sponsored by the Democratic People’s Republic of Korea.

Moreover, in March, the Federal Bureau of Investigation (FBI) released a file press release On this issue at hand. The press release said The hacking groups, Lazarus Group and APT38, affiliated with the North Korean state, are responsible for many of the thefts. More commonly, it is worth over $6,200 million in crypto assets. These illegal activities generate revenue for the North Korean regime, according to the FBI.

small victory

The recovered amount is just a fraction of the $600 million crypto assets stolen by the hacking group. The seizure continues to be a breach of law enforcement and investigators are actively trying to recover some of the remaining loot. However, this news can be seen as a move in the right direction.

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