Binance Recovers $5.8M from $550M Ronin Attack

Binance recovers funds

Binance is retaliating against Ronin bridge hackers.

On Friday morning tweet Changpeng Zhao, Binance CEO announced that $5.8 Million of funds had been recovered from the Ronin Bridge Attack. 

Zhao’s tweet revealed that the funds, which Lazarus Group was presumably trying to launder through Binance, were spread across more than 86 different accounts. “$5.8M has been recovered. [We’ve]This has been done many times before for other projects. Stay #SAFU,” his tweet ended. 

Sky Mavis, Axie Infinity’s creator of Ronin Bridge Hack, was charged 173,600 ETH as well as over 25 million USDC stablecoins. These combined amounts had a total value of more than $550 million at Mar. 23. The U.S. Office of Foreign Assets Control identifies the wallets involved in the hack as belonging the North Korean cybercrime syndicate Lazarus Group. 

Lazarus Group’s recent losses include the Ronin bridge. Arthur Cheong, founder and CEO of DeFiance Capital reported that $1.7 Million worth of NFTs was lost due to phishing scams perpetrated in March by state-sponsored North Korean hackers. He warned that North Korean-linked hackers are now directly targeting crypto organisations using a variety of sophisticated social engineering attacks. 

The Ronin network, an Ethereum sidechain, hosts the popular play to earn game Axie Infinity. The Ronin bridge allows players to transfer funds from one network to another. You can also deposit money into the bridge to generate liquidity and swap fees. Sky Mavis, creator of AxieInfinity, raised $150 million in a round led by Binance. This was to reimburse hack victims who lost their money.

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