Just-In: Binance Helps Axie Infinity To Recover $5.8M From Historic Hack

By Ashish Kumar
April 22, 2022 Updated April 22, 2022
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Axie Infinity Hack

Changpeng CZ Zhao, CEO of Binance, said the exchange had managed to recover about $5.8 million from the Axie Infinity hack. CZ also noted that the North Korean group behind the hack was moving around parts of its loot on Friday.

Some chunks of the stolen tokens made it to the Binance crypto trading platform, spread out over 86 different accounts. CZ added that this is not the first time that the exchange has recovered stolen funds.

Lazarus looted over $600 Mln in Crypto

Last month, Ronin Network, a side chain of Axie Infinity was exploited by some hackers to steal over $600 million worth of cryptocurrencies. U.S security officials linked this hack to Lazarus, an infamous North Korean hacking group.

The Ronin hack is considered to be the biggest heist in the crypto industry.

Lazarus has reportedly looted around $2 billion worth of cryptocurrency since 2017. As per reports, the group used to attack centralised exchanges from the Asian region. But with the advent of DeFi, the group has turned its sights elsewhere.

In a blog, Ronin said that the FBI is investigating the matter and US Treasury Department has sanctioned the funds. The hacker’s wallet address received around 173,600 Ethereum (ETH) and over 25 million USDC tokens in the historic breach.

Lazarus cashed-in over 28K ETH

As per reports, Attacks have been moving ETH using multiple wallets into Tornado Cash. The platform provides privacy of transactions which has helped the hackers to hide their addresses while withdrawing the looted funds. Earlier, Hackers moved more than 1,400 and 600 Ethereum tokens. The 1,400 ETH (approx $4.2 million) were transferred to Tornado Cash in 14 different transactions. Meanwhile, 2000 Ethereum (Approx $6 million) were moved three weeks ago. However, hackers have cashed out 28,164 ETH (worth approx $84.5 million) from the wallet.

The Sky Mavis Blockchain took the initiative to raise $150 million to repay some portion of the losses. The organisation has joined hands with Binance, Animoca, a16z, and other venture capital firms. Sky Mavis is now working on building its security, in order to avoid such attacks in the future.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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