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Chainalysis recovers $30M from Axie Infinity, Ronin Hack

Chainalysis recovers $30M from Axie Infinity, Ronin Hack

With the help of Chainalysis, almost $30 million that was stolen in an attack on the Ronin Network this year has been returned to its rightful owners.

Seized Crypto Worth $30 Million

Chainalysis has been used to assist the FBI in recovering $30 million in stolen cryptocurrency.

Erin Plante, senior director of investigations at Chainalysis, spoke at Axie Infinity’s AxieCon about the ongoing investigation.

Plante said that $30 million of the $600 million stolen from Ronin Network was recovered thanks to the assistance of Chainalysis and other groups working with law enforcement.

Money was taken from the popular Ronin Network-based decentralized game Axie Infinity. When adjusted for inflation, the $30,000,000 in stolen funds from Axie Infinity that have been recovered only amounts to 10% of the original $300,000,000.

Lazarus Organization, a notorious North Korean hacker group with governmental support, was responsible for the attack. For the first time ever, as Plante put it, “cryptocurrency stolen by a North Korean hacking outfit has been seized.”

The steps involved in the Ronin assault were also laid down in Chainalysis. According to the report, Lazarus Group stole from the Ronin Network and laundered the money by stealing the validators’ private keys. The U.S. Treasury has officially approved Tornado Cash. The organization used Treasury to launder money and trade tokens.

Chainalysis underlined that the transparency of the blockchain and public-private partnerships were essential to its capacity to track these transactions. It claimed its probe “would never be possible through conventional banking methods.”

The first known attack on the Ronin Network occurred in March of this year. It was suspected that Lazarus Group was behind the April attack.

At the same time, further attempts were made to retrieve the lost monies. Binance, a prominent cryptocurrency exchange, successfully retrieved $5.8 million following the April hack. The creator of Axie Infinity, Sky Mavis, has raised $150 million specifically for the purpose of compensating players.

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