US authorities recover $30 million of hacked “Axie Infinity” funds

A fraction of the amount stolen by the North Korean group Lazarus

US authorities, with the help of blockchain analyst Chainalysis, discovered $30 million worth of cryptocurrency stolen from Axie Infinity in March. It’s but a fraction of the $625 million lost by the North Korean-linked hacking group known as the Lazarus Group, but it’s a significant achievement for law enforcement and the crypto community.

- Advertisement -

Chainalysis says this is the first time cryptocurrency stolen by a North Korean hacking group has been seized.

As the analyst explains, North Korean-linked groups typically use Tornado Cash to mix Ether, but the sanctions imposed by the US forced them to use alternative techniques.

They now use blockchain bridges to switch between different types of digital currencies in an attempt to hide the source of their funds, and the analyst had the tools necessary to detect these cross movements.

Apparently, most of the funds stolen from Axie Infinity remain on the blockchain, indicating that they are finding it difficult to move stolen assets and convert them into fiat currency.

Chainalysis seems confident that this will not be the last time stolen funds will be recovered by these hacking groups.

Previous Articles:

- Advertisement -

Latest News

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

EU Commission Eases Stablecoin Stance, Calms Bank Run Concerns

The European Commission downplayed the risk of bank runs linked to stablecoins after concerns...

Iranian Hackers Launch AI-Driven Phishing Attacks on Israelis

An Iranian state-backed Hacking group targeted Israeli journalists, Cybersecurity professionals, and academics in a...

Nasdaq Integrates Canton Blockchain for 24/7 Collateral Management

Nasdaq has integrated blockchain technology from the Canton Network into its Calypso platform to...

Pepe Meme Coin Drops 4.7% as Investor Interest Fades Further

Pepe meme coin dropped 4.7% in value over the past 24 hours, trading at...

Must Read

Top 8 Books Every Beginner Should Read About Cryptocurrency

Cryptocurrency and blockchain technology are filled with technical terms that beginners find challenging to understand. One of the best ways to learn about cryptocurrency...