Ronin Hack Update: Norway Returns Millions Stolen In Record Crypto Heist


The
Norwegian
government
has
successfully

frozen
and
returned
$5.7
million
linked
to
a
high-profile
cyber-attack
on
the
Ronin
network,
an
Ethereum
sidechain
integral
to
the
web3
game
Axie
Infinity.

This
action
underscores
a
growing
international
commitment
to
addressing
cybercrime
even
in
the
cryptocurrency
space.
The
funds
were
recovered
as
part
of
a
collaborative
effort
involving
various
law
enforcement
and
forensic
entities.

How To Get Free Crypto  

Ronin
Hack:
International
Collaboration
in
Cybersecurity

The
Ronin
network
had

suffered
an
exploit
in
March
2022,
leading
to
the
loss
of
over
$600
million—the
largest
DeFi
exploit
to
date.

This
incident
was

attributed
to
the
notorious
Lazarus
Group,
which
is
believed
to
be
associated
with
North
Korea.
The
successful
retrieval
of
stolen
assets
was
facilitated
by
the
Norwegian
National
Authority
for
Investigation
and
Prosecution
of
Economic
and
Environmental
Crime
(Økokrim).

The
operation
was
a
concerted
effort
that
also
included
contributions
from
the
FBI
in
the
United
States
and
various
blockchain
forensics
firms
like
Chainalysis.

Sky
Mavis,
the
developers
behind
Axie
Infinity,
expressed
gratitude
towards
the
organizations
involved.
They
confirmed
that
while
15%
of
the

recovered
funds
would
cover
operational
expenses,
the
rest
would
be
returned
to
the
Axie
Infinity
treasury,
ensuring
continued
support
and
compensation
for
affected
stakeholders.

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The
game
developer
further
confirmed
that
law
enforcement
authorities
have
currently
frozen
an
additional
$40
million
in
assets
related
to
the
case.

They
noted
that
the
process
of
recovering
these
funds
would
require
an
unspecified
amount
of
time,
and
thus,
a
definite
schedule
for
their
return
could
not
be
provided
at
the
moment.

Current
Cryptocurrency
Security
Shift

The
Ronin
exploit
remains
a
stark
reminder
of
the

vulnerabilities
within
decentralized
finance
platforms.
It
involved
the
compromise
of
five
out
of
nine
validator
private
keys,
allowing
the
attacker
to
execute
fraudulent
transactions.

This
incident
marks
the
largest-ever

crypto
heist
up
to
date
as
the
hack
resulted
in
a
loss
of
roughly
$624
million,
according
to

data
from
DeFillama.

Top
10
Largest
Crypto
heists
sorted
by
‘amount
lost.’
Source:

DeFillama

Meanwhile,
current
trends
indicate
a
shift
in
attack
vectors,
with
cybercriminals
now
targeting
less
secure
elements
such
as
private
key
management.

FreeBitcoin Banner  

According
to
the
latest
HackHub

report
by
Merkle
Science,
losses
from
smart
contract
vulnerabilities
have
dramatically
decreased
due
to
improved
security
tools,
but
losses
from
private
key
leaks
have
surged.

RONIN
price
is
moving
sideways
on
the
2-hour
chart.
Source:
RONIN/USDT
on

TradingView.com

Featured
image
created
with
DALL-E,
Chart
from
TradingView

Go to Source
Author: Samuel Edyme


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