Chainalysis Recovers $30M Linked to Axie Infinity’s Ronin Hack

crypto assets

Blockchain analysis company Chainalysis announced Thursday that it had recovered more than $30 million tied to Axie Infinity’s Ronin network hack, which made headlines in late March.

Chainalysis Joins Forces with Law Enforcement 

Erin Plante, the senior director of investigations at Chainalysis, revealed the information at the ongoing Axie Infinity conference in Spain, where she said:

“With the help of law enforcement and leading organizations in the cryptocurrency industry, more than $30 million worth of cryptocurrency stolen by North Korean-linked hackers has been seized. This marks the first time ever that cryptocurrency stolen by a North Korean hacking group has been seized, and we’re confident it won’t be the last.”

Plante further said that the recovered funds represented about 10% of the total stolen funds, according to current trading prices. 

Recall that crypto exchange Binance had helped to recover $5.8 million worth of funds connected to the hack a month after the exploit. Binance CEO Changpeng Zhao acknowledged that his company was able to seize the assets even though the hackers transferred the funds to the exchange using 86 different accounts.

It is also noteworthy that the infamous North Korean hacking group, Lazarus, was allegedly behind the hack. The conclusion was drawn when the U.S. Treasury Department discovered that the Ethereum address that conducted the exploit was the same as the address of the infamous hacking group.

Last month, Tornado Cash, the crypto mixer used by the hacking team to launder the proceeds, was sanctioned by the department.

The $625 Million Hack

In March, the hacking group exploited five of the nine private keys owned by the transaction validators of the Ronin network. Only six days later did the team discover the attack on the bridge. At the time, however, the project had faced a loss of $625 million worth of funds, placing it in the position of the largest hack of the year.

In June, the team behind the Ronin network and the popular play-to-earn game, Sky Mavis, reopened the bridge three months after its closure. Upon its reopening, users were once again able to access their funds.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Market Analysis
Liked Reading? Share with Friends