Binance Recovers $5.8M Stolen in Axie Infinity Hack

😎Binance has recovered $5.8 million in funds linked to the Axie Infinity hack.

The news was confirmed by Changpeng Zhao — the CEO of the major crypto exchange Binance on Twitter.

Changpeng Zhao revealed that the North Korean hacking group believed to be responsible for the audacious attack had started to move the stolen funds today. Some of the cryptos ended up making their way to Binance and were spread across 86 different accounts.

The social engineering attack targeted the Ronin Network, the blockchain that powers the popular play-to-earn game. Current market rates show this hack is the largest crypto hack on record — with more than $625 million stolen.

The hackers may have waited a little while to move the funds in the hope that interest would die down but the traceability and immutability of blockchain technology, along with vigilance from major exchanges, may mean achieving an off-ramp into fiat won’t be easy.

Activity over the past week from the explorer’s main address — tagged Ronin Bridge Exploiter on tracking service Etherscan — shows several thousand ether (ETH) were moved in the past few days. The wallet continues to hold some $285 million worth of the asset at writing time. The exploiters have previously used the privacy tool Tornado Cash to convert stolen funds to ether and other cryptocurrencies, as reported.

North Korea has been accused of deliberately targeting crypto companies in an attempt to evade economic sanctions imposed by the West and the United Nations has previously expressed fears that stolen funds are being used to finance the secretive state’s illicit nuclear weapons program.

All eyes are watching out for the hackers’ next move.

Safety Tip: Always Do Your Own Research before using any blockchain or crypto product.

#crypto #bitcoin #ethereum #trading #anypad #blockchain

As written by Niranjan Duguta

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