US retrieves $30m from Ronin Network hack

The US has seized $30m worth of cryptocurrency related to the Ronin Network hack from North Korean hacker group, Lazarus.

The hackers managed to breach Axie Infinity and spirit away with the substantial sum, triggering law enforcement action.

Now, crypto security and intelligence firm Chainalysis has confirmed that US authorities have been able to pinpoint the cryptocurrency and recover it.

This is just a small amount of the $615m that went missing back in March during the Ronin Network hack.

It nevertheless demonstrates US law enforcement’s ability to take advantage of the blockchain and catch up with crypto criminals.

The FBI is one of the law enforcement agencies in the US that currently tracks down cryptocurrency scams and fraud.

North Korea has been particularly successful in stealing cryptocurrencies. An estimated one billion of crypto has been stolen already in 2022, Chainalysis has said in the report covering the latest law enforcement action.

It’s not yet clear if the increase in regulatory scrutiny has curbed some of the efforts to dupe investors and steal their holdings.

Most of the time exchanges and trusted operators prove to be insufficiently prepared and end up losing their customer funds through some security exploit.

“We estimate that so far in 2022, North Korea-linked groups have stolen approximately $1bn of cryptocurrency from DeFi protocols”, Chainalysis said.

Meanwhile, the US Department of Treasury has been also acting to curtail cryptocurrency fraud. The department issued sanctions against virtual currency mixer Blender, which the authority said had been used by crypto criminals to obfuscate the origins of their cryptocurrencies.

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Source

Updated: 09/09/2022 — 18:00