Ronin Bridge Hack: US seizes $30 million worth of crypto assets

The US seized $30 million worth of cryptocurrency stolen by North Korea-linked hackers. The news was released of blockchain data platform Chain analysis.

In a recently published blog, Erin Plante, Senior Director of Investigations, Chainalysis shed further light on the matter. He wrote that Chainalysis’ cooperation with law enforcement and leading crypto organizations has helped the authorities. Together, they can seize more than $30 million in cryptocurrency.

This was the cryptocurrency stolen from the Ronin Network by the North Korean hacker group Lazarus.

Lazarus hits hard

Ronin Network carries out transactions related to the gaming company Axie Infinity. March 29, 2022 Ronin Blockchain Team informed in a blog post that it had been leveraged for 173,600 ETH and 25.5 million USDC. These two transactions led to a combined loss of $625 million.

The DeFi protocol said it was working directly with various government agencies to ensure the criminals are brought to justice. The laundered assets were distributed across 12,000 different crypto addresses according to Chainalysis.

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 Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash for laundering $7 billion worth of virtual currency.

OFAC also emphasized its use to launder over $455 million in cryptocurrency stolen from Axie Infinity. It also noted the role of the Lazarus Group, a Democratic People’s Republic of Korea (DPRK) state-sponsored hacking group.

Furthermore, in March, the Federal Bureau of Investigation (FBI) issued a press release on the matter in question. It was stated in the press release that cyber hacker groups, the Lazarus Group and APT38, associated with the state of North Korea are responsible for various thefts. More popularly, of over $6,200 million worth of crypto assets. These illegal activities generate revenue for the North Korean regime, according to the FBI.

A small victory

The amount recovered is only a fraction of the $600 million worth of crypto assets stolen by the hacker group. The seizure remains a breakthrough for police and investigators who are actively trying to recover some of the remaining loot. However, this news can be considered a move in the right direction.