Binance Recovered $5.8 Million Worth of Crypto Stolen in the Axie Infinity Hack

Key Takeaways:

  • Binance recovers $5.8 Million Worth of Crypto Stolen in the Axie Infinity hack.
  • Binance founder revealed that the funds were distributed over 86 accounts

Changpeng Zhao, the founder, and CEO of Binance announced the recovery of Axie Infinity’s Ronin Bridge funds today. According to the Tweet, stolen funds were also distributed to over 86 accounts on the exchange.

The Tweet said “The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.

According to reports, the $625 million exploit was one of the largest in the crypto industry. It was linked by US security officials to North Korea’s “Lazarus” hacker group. The creators of the Axie Infinity bridge that saw the exploit, Ronin Network, stated in a blog post that the FBI had linked Lazarus to the validator breach and that the funds had been sanctioned by the Treasury Department.

Several thousand Ether (ETH) have been moved in the last few days from the exploiter’s main address, which has been tagged Ronin Bridge Exploiter on the tracking service Etherscan.

Following the hack, the platform stated that it was fully committed to refunding users. In a foreshadowing move, Ronin Network raised funds in a round led by Binance. A total of $150 million was raised to compensate users who were impacted by the hack. In addition, firms such as Paradigm, Animoca Brands, and a16z participated in the funding round.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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