Home News Binance recovers $5.8M in funds connected to Ronin bridge exploit

Binance recovers $5.8M in funds connected to Ronin bridge exploit

1381
0
Binance

Changpeng Zhao, CEO of Binance, announced on Friday that the cryptocurrency exchange had recovered $5.8 million dispersed across 86 accounts in digital assets brought to the exchange by Lazarus Group via a Twitter post. Axie Infinity’s Ronin bridge was allegedly robbed with 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) by a North Korean cyber-criminal organisation last month, valued at over $600 million at the time.

Around $280 million in digital assets remained in Ronin’s wallet address as of Friday. Elliptic, a blockchain forensics firm, recently discovered that the hackers were moving the funds to controlled exchanges and Tornado Cash, a cryptocurrency trail-mixer decentralised service. Furthermore, it appears that the hackers used decentralised exchanges (DEXs) to trade the stolen USDC for Ethereum.

Uniswap DEX announced it was screening addresses that could be linked to moving “hacked or stolen cash” based on intelligence given by TRM Labs, possibly in reaction to alleged money laundering.

Tornado Cash, meanwhile, is preventing wallets related to illegal behaviour from using their DApp via Chainalysis.

Axie Infinity completed a $150 million investment round headed by Binance

According to the company’s founder, Roman Semenov, the new screening process merely prevents users from accessing the DApp user interface, not the movement of cash into the smart contract.

Despite the incident, Sky Mavis, the founder of Axie Infinity, just completed a $150 million investment round headed by Binance. Part of the money will be used to compensate investors who lost money as a result of the scam. Sky Mavis will also be rewarded with her own money for the remaining sums. If the stolen monies are not recovered in two years, the Axie decentralised autonomous organisation will vote on the Treasury’s next steps.

Binance pushes back against report exchange supplied customer data to Russian government

Previous articleBinance pushes back against report exchange supplied customer data to Russian government
Next articleTwitter and Stripe roll out USDC payout program for creators via Polygon