BC.Game

CZ Announces Recovery of $5.8M Worth Crypto after Hack on Axie Infinity

UTC by Sanaa Sharma · 2 min read
CZ Announces Recovery of $5.8M Worth Crypto after Hack on Axie Infinity
Photo: Shutterstock

According to Zhao, the looted money was distributed among eighty-six accounts to make the tracking impossible.

Chief Executive Officer of cryptocurrency exchange Binance, Changpeng Zhao, commonly known as CZ, has taken on Twitter to disclose the recovery of $5.8 million worth of crypto assets that were otherwise robbed from Axie Infinity by North Korea.

According to Zhao, the looted money was distributed among eighty-six accounts to make the tracking impossible.

On 29th March, Ronin, a typical Ethereum-linked sidechain designed by Axie Infinity creator Sky Mavis, disclosed a significant security violation wherein, more than $600 million was lost. According to Sky Mavis’s blog post, Ronin validator nodes and Axie DAO validator nodes were infringed and exhausted by malware.

According to some reports, the recent security violation could go on to become the biggest decentralized finance hack in history, exceeding the money lost in the infamous Poly Network heist.

The hacker allegedly created counterfeit transactions using invalid private keys. Even though Poly Network was able to recover all the looted assets digitally, Ronin’s management of the situation is yet to be determined.

Many developers associated with the Ronin networks had eventually begun investigating the heist using law enforcement authorities along with DeFi detectives to hunt down the hackers behind the massive robbery.

Recently on April 14th, the United States government announced that the hack was tracked down to the Lazarus Group. This group is one of the most vicious cybercrime groups that have been mostly associated with North Korea’s spy agency.

Sometime during this week, many US, government bodies authorized an official forewarning for the crypto and blockchain-related organizations regarding the menace of North Korean hacking groups. Other infamous groups apart from Lazarus, are supposedly supported by the North Korean dictator. Everything related to crypto, like an exchange, trading companies, as well as games are being chosen as the bait for their obnoxious plans of crime.

It is said that the North Korean dictatorship plans to use the looted money for its expansion and growth of nuclear weaponry and intercontinental missiles.

This has not been the first time the North Korean leader has posed as a major villain against the crypto space with his vicious schemes. In 2021, the North Korea-based hackers robbed four hundred dollars worth of cryptocurrencies, following a cyberattack spree. These hackers that are backed by North Korea, mostly depend on decentralized finance mixers to pull off their plans of robbery.

Altcoin News, Blockchain News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

Related Articles