Tech

North Korea emerges from under $ 625 million crypto heist

The FBI stated that the Axie Infinity hacking attack was linked to North Korea. The Lazarus hacking group may have stolen $625 million.

The latest report shared by the FBI revealed who was behind the hacking attack of the popular NFT game Axie Infinity in the past weeks. According to the FBI, the North Korean-backed Lazarus carried out the $625 million crypto heist .

There was a mind-blowing security breach on Ronin Network, which is linked to blockchain gaming platform Axie Infinity . Sharing the same Ethereum chain with Axie Infinity, Ronin fell into the network of hackers and stole $ 625 million.

FBI says Axie Infinity robbers are North Korea

Recent reports from the US have claimed that the North Korean-backed Lazarus group has carried out the theft of Ronin Network , the Ethereum-based chain of Axie Infinity . The Treasury Department’s Office of Foreign Assets Control (OFAC) has announced new sanctions against the Ethereum wallet belonging to Lazarus.

Blockchain analysis firms Elliptic and Chainalysis examined the wallet that the U.S. Treasury will impose sanctions on Lazarus . This wallet has been confirmed to be the same address used in the Ronin attack.

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According to DeFiYield REKT, which tracks DeFi scams, 173,600 Ethereum and $25.5 million worth of USDC were stolen. So the latest Ronin Network attack marks the largest decentralized finance scam to date .

Blockchain analytics firm Elliptic stated that the wallet currently holds 148,000 Ether. Lazarus, who managed to launder 14 percent of the stolen money ($ 87.5 million), is preparing to launder $ 9.7 million worth of money.

The sanctions announced by the US against Lazarus prohibit US individuals and organizations from transacting to the identified Ethereum account . In this way, it is aimed that the crypto money collected through the US-based crypto exchanges cannot be converted into cash.

The information from the blockchain company Elliptic was as follows:

“Many commentators believe that crypto assets stolen by the Lazarus Group are being used to fund the state’s nuclear and ballistic missile programs. With recent reports that North Korea may be preparing for another nuclear test, Lazarus must be prevented from laundering the proceeds of the attacks.”

Ronin Network, which belongs to the Sky Mavis developer group, said that by the end of the month, a full report of the crypto theft will be available. Ronin also announced that it will re-allow users to transfer funds between other blockchains and Axie Infinity until next month.

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