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Binance Recovers Portion of Funds Linked to North Korea-Orchestrated Axie Infinity Hack

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Fri, 04/22/2022 - 06:51
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Alex Dovbnya
Binance has managed to recover a portion of funds stolen by North Korea from Axie Infinity
Binance Recovers Portion of Funds Linked to North Korea-Orchestrated Axie Infinity Hack
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Changpeng Zhao, chief executive office of cryptocurrency exchange Binance, has taken to Twitter to announce that the leading trading platform had recovered $5.8 million worth of crypto stolen from play-to-earn blockchain Axie Infinity by North Korea.

Zhao claims that the whole sum has been spread over a total of 86 different accounts.

As reported by U.Today, the Ronin bridge, an Ethereum sidechain powering Axie Infinity, announced that it had suffered one of the biggest crypto heists on record, with the attackers making away with roughly $625 million.

On Apr. 14, the U.S. government revealed that Lazarus Group, the notorious cybercrime gang that has been linked to North Korea’s spy agency, was responsible for the massive Ronin hack.

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Earlier this week, several U.S. government agencies issued a warning for cryptocurrency and blockchain-related companies related to threats posed by North Korea. Apart from Lazarus, several other hacking groups are believed to be backed by the authoritarian dictatorship. Exchanges, trading companies, games as well as individuals investors are all being targeted by the rogue state.       

North Korea uses the stolen funds in order to sponsor the development of nuclear weapons and intercontinental missiles. 

In 2021, the "hermit kingdom" stole $400 worth of cryptocurrencies after pulling off a series of successful cyberattacks. North Korea-backed hackers usually rely on decentralized finance mixers in order to launder stolen funds.                

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.