U.S Authorities Recovered the Hacked Cryptocurrency?

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.

It was an honor to speak at #AxieCon and share the successful recovery of $30M in crypto that was stolen from the Ronin Bridge. In these hack investigations it is a long road to recovery. But the Axie Infinity community is strong and we will continue to partner in this fight. https://t.co/V0lwrOtThr

— Erin Plante (@eeplante) September 8, 2022

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.

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