Binance Recovers $5.8m In Funds Connected To Axie Infinity Hack

Binance CEO Changpeng Zhao, Via a Twitter post on Friday, stated that the crypt exchange recovered $5.8 million spread over 86 accounts in digital assets moved to the exchange by Lazarus Group. 

iexclusivenews reports that last month, a North Korean cyber-criminal organization allegedly stole 173,600 Ether (ETH). And 25.5 million USD Coin (USDC) from Axie Infinity’s Ronin bridge, worth over $600 million at the time.

This online news outlet understands that the wallet address linked to the Ronin had roughly $280 million in digital assets left 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 decentralized application, or DApp.

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Furthermore, it appears that the hackers used decentralized exchanges, or DEXs, to convert the stolen USDC for Ethereum.

Uniswap DEX announced it was checking addresses that might be involved with moving “hacked or stolen monies” based on intelligence given by TRM Labs, possibly in reaction to alleged money laundering.

Similarly, Tornado Cash uses Chainalysis to prevent wallets related to illegal activities from using their DApp.

According to its founder, Roman Semenov, the new screening method merely prevents users from accessing the DApp user interface, not from moving cash into the underlying smart contract.

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Regardless of the event, Sky Mavis, the inventor of Axie Infinity, just completed a $150 million fundraising round headed by Binance.

The money will be used to compensate investors who lost money as a result of the scam.

In addition, Sky Mavis will be rewarded with her own money for the remaining sums.

If the stolen monies are not recovered in two years, the Axie decentralized autonomous organization will decide on the treasury’s future moves.