Crypto Updates

United States Treasury: North Korean hackers are connected to the Ronin Bridge make use of

Home » Business » US Treasury: North Korean hackers are linked to the Ronin Bridge exploit After one of the biggest hacks in decentralized finance (DeFi) history, the U.S. Treasury connected the theft to the North Korean hacker group Lazarus Group. The U.S. government added the related Ethereum (ETH) address to the sanctions list. Ronin…

US officials link North Korean Lazarus hackers to $625M Axie Infinity  crypto theft | TechCrunch

After among the greatest hacks in decentralized financing (Defi) history, the U.S. Treasury linked the theft to the North Korean hacker group Lazarus Group. The U.S. federal government included the associated Ethereum (ETH) address on the sanctions list.

Ronin Network, a sidechain for the Play-to-Earn (P2E) blockchain video game Axie Infinity, was made use of in late March with the hackers getting away with more than $620 million in ETH and USD Coin (USDC).

As reported by Bloomberg, the U.S. Treasury connects the theft to the North Korean hacker group, with the federal government including the Ethereum address (0x098 B716 B8Aaf21512996 dC57 EB0615 e2383 E2f96) to its sanctions list

How much was taken

According to Sky Mavis, developer of Axie Infinity, 173,600 ETH and 25.5 million USDC were taken. Presently, the address still has more than 116,000 ETH, worth over $350 million at the time of composing.

Sky Mavis, later on, raised $150 million with Binance leading the financing round with other equity capital companies, consisting of Animoca Brands, a16 z, Dialectic, and Paradigm. The funds were utilized to pay back a part of the losses, according to the video game’s developer.

After this huge loss, Sky Mavis has been taking more precise precautions, such as making numerous audits and security upgrades to the validators.

North Korea is going rogue

This is not the very first time North Korea is connected to unlawful worldwide activities. On April 15, web 3.0 and security specialist Arthur reported that a subsidiary of the Lazarus Group called BlueNorOff has been attempting to assault digital property exchanges.

” Once the existing attack approach gets less efficient, such as a trojanized Defi App and Wallet attack found recently. Provided the success, it is most likely North Korea will commit more resources to this group to scale up the strength of the attack,” he included.

Initially composed the material listed below just for our portcos and partners however after some ideas I believe there is an advantage to open-sourcing this.

— Arthur ⛩ (@Arthur_0x) April 15, 2022

This is not the completion of the reports declaring cybercrime activities from the hermit nation. In addition, a United Nations (UN) report, as seen by Reuters, mentions that North Korea has been taking virtual currencies for a while now and has been utilizing the taken funds to support its nuclear and rocket programs. Based on the report, a minimum of 3 exchanges from Asia, Europe, and North America were assaulted in 2021.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top