Binance CEO confirms the recovery of $8.5M linked to Axie Infinity hack
Binance, the world's biggest crypto exchange, has successfully recovered $8.5 million, which was linked to the Ronin Bridge exploit that was the biggest setback for the crypto community to date. The CEO of the firm, Changpeng Zhao, who goes by "CZ," took to Twitter to confirm the same in a number of tweets.
Funds distributed over 86 Binance accounts
As per a previous report from Cryptonary, Ronin Bridge, an Ethereum sidechain for Axie Infinity users, was hacked, and this resulted in a loss of over 173,600 ETH (approximately $600 million) and USDC 25.5 million ($25.5 million) through a vulnerability. This marks the biggest DeFi hack to date and has set a benchmark for future such cases.Apparently, the funds were being washed via Tornado Cash so that blockchain analysts won't be able to track the data. There was around 21,000 ETH being moved via Tornado Cash, and a chunk of the fund was deposited on the Binance crypto exchange.
The funds were distributed in over 86 accounts on Binance, said Zhao in a tweet.
"The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it was made to Binance, spread across over 86 accounts. $5.8M has been recovered. We [have] done this many times for other projects in the past too," Zhao further added.
North Korea behind the attack?
In another previous report, Cryptonary covered the fact that the actual entity behind the Ronin Bridge hack was the North Korean hacking group Lazarus. The US Treasury Department worked with the Federal Bureau of Investigation (FBI) to track the fund while they were being moved from Tornado Cash.It is also important to note that the FBI believes that such hacks are a source of revenue for the Kim Jong Un-led North Korean government. Meanwhile, Binance, the world's biggest crypto exchange, continues to recover the funds that were stolen.
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