September 18, 2022
Axie Infinity Recovered, YT Trending - Latest Technology News

US authorities recovered $30 million in cryptocurrency stolen from Axie Infinity in March with the assistance of blockchain analyst Chainalysis. It’s a pittance compared to the $625 million lost to the Lazarus Group, a North Korean-linked hacking unit, but it’s a significant accomplishment for law enforcement and the crypto community. According to Chainalysis, this is the first time cryptocurrency seized from a North Korean hacking group.

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According to the analyst, North Korean-linked groups typically use Tornado Cash to mix Ether, but sanctions imposed by the United States on the mixer forced them to use alternative methods. They are now using blockchain bridges to switch between different types of digital coins in an attempt to conceal the source of their funds, and the analyst had the tools to track those cross-chain transactions.

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The majority of the funds stolen from Axie Infinity appear to have remained in the blockchain, indicating that bad actors are having difficulty moving stolen assets around and converting them into fiat currency. Chainalysis appears confident that this will not be the last time stolen funds from these hacking groups are recovered.

Axie Infinity Recovered, YT Trending - Latest Technology News

The fund retrieval was announced at the ongoing AxieCon event, according to Bleeping Computer. The game’s publishers have revealed that the money recovered by authorities will be gradually transferred into Axie Infinity’s treasury and then returned to the player community. However, it will not be a quick process, and it could take several years.

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