![]() They then initiated their laundering process – and Chainalysis began tracing the funds. They used this majority to approve two transactions, both withdrawals: one for 173,600 ether (ETH) and the other for 25.5 million USD Coin (USDC). The attack began when the Lazarus Group gained access to five of the nine private keys held by transaction validators for Ronin Network’s cross-chain bridge. How the Ronin Bridge was hacked & the stolen funds were laundered So, how did we do it? Here’s what we can share now. There is still work to be done, but this is a milestone in our efforts to make the cryptocurrency ecosystem safer. ![]() We have proven that with the right blockchain analysis tools, world-class investigators and compliance professionals can collaborate to stop even the most sophisticated hackers and launderers. The seizures represent approximately 10% of the total funds stolen from Axie Infinity (accounting for price differences between time stolen and seized), and demonstrate that it is becoming more difficult for bad actors to successfully cash out their ill-gotten crypto gains. I am proud to say that the Chainalysis Crypto Incident Response team played a role in these seizures, utilizing advanced tracing techniques to follow stolen funds to cash out points and liaising with law enforcement and industry players to quickly freeze funds. These are the results thus far of our investigation following the March 2022 theft of more than $600 million from Ronin Network, a sidechain built for the play-to-earn game Axie Infinity. 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. We estimate that so far in 2022, North Korea-linked groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols.īut today I had the privilege of joining the Axie Infinity team on stage at AxieCon to deliver some good news: 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. Much of the value stolen from DeFi protocols can be attributed to bad actors affiliated with North Korea, especially elite hacking units like Lazarus Group. One of the most troubling trends in crypto crime right now is the stunning rise in funds stolen from DeFi protocols, and in particular cross-chain bridges.
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