Chainalysis has been instrumental in the recovery of $30 million worth of stolen cryptocurrency by law enforcement.
Erin Plante, the senior director of investigations for Chainalysis, made an appearance at the AxieCon hosted by Axie Infinity to talk about the investigation.
Plante mentioned that Chainalysis, along with the assistance of other groups, was able to assist law enforcement in recovering $30 million of the $600 million that had been taken from Ronin Network previously.
A portion of the funds were taken from Axie Infinity, which is a well-known decentralized game that was created on Ronin Network. Taking into account fluctuations in the value of currencies over time, the thirty million dollars in stolen funds that were recovered reflect only ten percent of the total amount that was stolen from Axie Infinity.
The notorious hacking gang Lazarus Group, which has its headquarters in North Korea, was the one responsible for carrying out the attack. Plante mentioned that this recovery marks "the first time in history that cryptocurrency stolen by a North Korean hacking outfit has ever been seized."
additional information regarding the operation of the Ronin attack. It was claimed that Lazarus Group had gotten access to the private keys of Ronin Network validators, and that they had subsequently withdrawn cash and laundered them. The United States of America just just put a ban on Tornado Cash. The organization utilized Treasury as one of the tools for exchanging tokens and laundering cash.
Chainalysis emphasized that their capacity to track these transactions was contingent not just on the openness of the blockchain but also on collaboration between the public and private sectors. According to what was stated, the probe "would never be possible through usual finance routes."
The first known assault against Ronin Network took place in March of this year. The Lazarus Group was suspected of involvement in the attack that took place in April.
At the same time, there were other other attempts made to reclaim the monies. The prominent cryptocurrency exchange Binance was able to recover $5.8 million after the hack that occurred in April. In the meantime, the developer of Axie Infinity, Sky Mavis, has committed a $150 million fundraising effort to user recompense.
When Ronin Network reopened its doors in June, users were given the assurance that the recently redesigned platform had been subjected to exhaustive security reviews.
Disclosure: At the time that this article was written, the author of this piece owned Bitcoin, Ethereum, and a variety of other cryptocurrencies.
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