Home / Tech & Startup News / FBI Says North Korea-linked Cyber Groups Behind US$600M Axie Infinity Hack, Money Still Being Laundered

FBI Says North Korea-linked Cyber Groups Behind US$600M Axie Infinity Hack, Money Still Being Laundered

The US Federal Bureau of Investigation said North Korean hacking groups were behind the US$620 million heist from the popular blockchain game Axie Infinity. 

In a statement, the FBI said the Lazarus Group and APT38 – “cyber actors associated with the (Democratic People’s Republic of Korea)” – were responsible for the theft of US$620 million in Ethereum reported on 29 March. 

That was the day Axie Infinity operator Sky Mavis said US$625 million worth of cryptocurrency was stolen from the game, in what was one of the biggest hacks of its kind.

Hackers had exploited a weakness in the Ronin Network, a bridge used to transfer cryptocurrency in and out of the game, and made off with 173,600 ethereum (about US$600 million) and 25.5 million USDC, a stablecoin pegged to the US dollar. 

Sky Mavis has since shut down the Ronin Network in a bid to add additional security measures and said the bridge will likely be redeployed at the end of the month. 

Blockchain analytics company @PeckShield has since flagged that some 3,200 ETH (US$9.2 million) have been washed through privacy protocol Tornado Cash, which can be used to further obfuscate the transaction histories. 

Another blockchain analytics firm Elliptic estimated the hackers have laundered over US$100 million so far.

(Source: Axie Infinity)

Axie Infinity was one of the largest, and most popular play-to-earn games in the industry, with almost 2 million daily active users last year. 

Players can play and earn in-game currency by breeding and competing multiple digital monsters called “Axies”, which are represented by non-fungible tokens or NFTs.

This currency is used to progress in the game or can be cashed out at cryptocurrency exchanges.

Players can also sell their Axie NFTs to other players. 

(Source: Axie Infinity)

Sky Mavis has since managed to raise US$150 million in funding to help reimburse affected users, a move that they hope will boost investor confidence.

*Featured image from Axie Infinity

By Samantha Chan \ 10:00, 25 April 2022

83 thoughts on “FBI Says North Korea-linked Cyber Groups Behind US$600M Axie Infinity Hack, Money Still Being Laundered

  1. Wow Thanks for this publish i find it hard to uncover excellent content out there when it comes to this subject matter appreciate for the publish website

  2. Wow Thanks for this posting i find it hard to find good knowledge out there when it comes to this subject material thank for the content website

  3. Wow Thanks for this site i find it hard to uncover really good important information out there when it comes to this content appreciate for the guide site

  4. Wow Thanks for this site i find it hard to identify awesome important info out there when it comes to this blog posts thank for the review site

  5. Wow Thanks for this publish i find it hard to realize good quality material out there when it comes to this blog posts thank for the content site

  6. The music video for “Vocal77” was directed by vocal77pro. It is a tribute to rave culture and electronic music. It consists of a compilation of various amateur slot vocal77 recorded

  7. The VOCAL 100 club is our monthly lottery which raises money for carer support and pays out half of the fund in cash prizes. This

  8. The best dubs go beyond the basics of the format, and make those vocal77 loops sound as if they absolutely need to be vocal77 repeated.

  9. Cyberchase is an animated science fantasy children’s television series that airs on PBS Kids. The series centers around three children from Earth: Jackie, Matt and Inez, who are brought into Cyberspace, a digital universe, in order to protect it from the villainous Hacker (Christopher Lloyd).[4] They are able to foil Hacker’s schemes by means of problem-solving skills in conjunction with basic math, environmental science and wellness. In Cyberspace, they meet Digit (Gilbert Gottfried for the first 13 seasons, Ron Pardo since season 14), a “cybird” who helps them on their missions.[5]

Leave a Reply

Your email address will not be published. Required fields are marked *

Theme developed by ThemeStash - Premium WP Themes and Websites