{"id":256596,"date":"2022-09-10T05:30:50","date_gmt":"2022-09-10T00:00:50","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=256596"},"modified":"2022-09-10T18:10:59","modified_gmt":"2022-09-10T12:40:59","slug":"ronin-bridge-hack-u-s-seizes-30-million-worth-crypto-assets","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ronin-bridge-hack-u-s-seizes-30-million-worth-crypto-assets\/","title":{"rendered":"Ronin Bridge Hack: U.S. seizes $30 million worth crypto assets"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The United States seized $30 million worth of cryptocurrency stolen by North Korea-linked hackers. The news was <\/span><a href=\"https:\/\/blog.chainalysis.com\/reports\/axie-infinity-ronin-bridge-dprk-hack-seizure\/\">\u00a0<span style=\"font-weight: 400;\">released<\/span><\/a> by blockchain data platform<span style=\"font-weight: 400;\">\u00a0Chainalysis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a recently published blog, Erin Plante, Senior Director of Investigations, Chainalysis shed further light on the matter. He wrote that Chainalysis\u2019 collaboration with law enforcement and leading crypto organizations has helped the authorities. Together, they could seize more than $30 million worth of cryptocurrency. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was the cryptocurrency that was stolen from the Ronin Network by North Korean-linked hacking group, Lazarus.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00a0<\/span><b>Lazarus strikes hard\u00a0<\/b><\/h3>\n<p><b><span style=\"font-weight: 400;\">The Ronin Network executes transactions related to the gaming company, Axie Infinity.<\/span>\u00a0<\/b><span style=\"font-weight: 400;\">On 29 March 2022, the Ronin Blockchain team<\/span><a href=\"https:\/\/roninblockchain.substack.com\/p\/community-alert-ronin-validators?s=w\"> <span style=\"font-weight: 400;\">informed<\/span><\/a><span style=\"font-weight: 400;\"> in a blogpost that it had been exploited for 173,600 ETH and 25.5 million USDC. These two transactions led to a collective loss of $625 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The DeFi protocol said that it was working directly with various government agencies to ensure that the criminals are brought to justice. <\/span><span style=\"font-weight: 400;\">The laundered assets were distributed over 12,000 different crypto addresses as per Chainalysis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The firm also identified Tornado Cash, a decentralized cryptocurrency mixer, as the primary tool used by the hackers to launder crypto assets. In August 2022, the Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0916\"><span style=\"font-weight: 400;\">sanctioned<\/span><\/a><span style=\"font-weight: 400;\"> Tornado Cash for laundering more than $7 billion worth of virtual currency.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OFAC also underlined its usage in laundering over $455 million worth of cryptocurrency stolen from Axie Infinity. It also noted the role of the Lazarus Group, a Democratic People\u2019s Republic of Korea (DPRK) state-sponsored hacking group.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, in March, the Federal Bureau of Investigation (FBI) issued a<\/span><a href=\"https:\/\/www.fbi.gov\/news\/press-releases\/press-releases\/fbi-statement-on-attribution-of-malicious-cyber-activity-posed-by-the-democratic-peoples-republic-of-korea\"> <span style=\"font-weight: 400;\">press release<\/span><\/a> on the matter at hand. The press release stated<span style=\"font-weight: 400;\"> that cyber hacking groups, Lazarus Group and APT38, affiliated to the North Korea state are responsible for various thefts. More popularly, of over $6200 million worth of crypto assets. These illicit activities generate revenue for the North Korean regime according to the FBI.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00a0<\/span><b>A small victory\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">The recovered amount is merely a fraction of the $600 million worth of crypto assets stolen by the hacking group. The seizure is still a breakthrough for law enforcement and investigators that are actively trying to recover some of the remaining loot. However, this news can be considered as a move in the right direction. <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States seized $30 million worth of cryptocurrency stolen by North Korea-linked hackers. The news was \u00a0released by blockchain data platform\u00a0Chainalysis. In a recently published blog, Erin Plante, Senior Director of Investigations, Chainalysis shed further light on the matter. He wrote that Chainalysis\u2019 collaboration with law enforcement and leading crypto organizations has helped the<a href=\"https:\/\/ambcrypto.com\/ronin-bridge-hack-u-s-seizes-30-million-worth-crypto-assets\/\">Continue reading <span class=\"sr-only\">&#8220;Ronin Bridge Hack: U.S. seizes $30 million worth crypto assets&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":256597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[1012],"class_list":["post-256596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view","tag-lazarus-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ronin Bridge Hack: U.S. seizes $30 million worth crypto assets - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The United States seized $30 million worth of cryptocurrency stolen by North Korea-linked hackers. 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