Binance, the largest crypto exchange in the world, managed to recover $8.5 million, which was related to the Ronin Bridge exploit which was the biggest setback for the crypto community to date. The company’s CEO, Changpeng Zhao, who goes by the name “CZ”, took to Twitter to confirm the same in a number of tweets.
Funds spread across 86 Binance accounts
According to a previous report from Kripteu Magazine, Ronin Bridge, an Ethereum sidechain for Axie Infinity users, was pirate, and this resulted in a loss of over 173,600 ETH (about $600 million) and 25.5 million USDC ($25.5 million) due to a vulnerability. This is the largest DeFi hack to date and has set a benchmark for future such cases.
Apparently, the funds were washed through Tornado Cash so blockchain analysts couldn’t track the data. There were approximately 21,000 ETH transferred via Tornado Cash, and part of the fund was deposited on the Binance crypto exchange.
The funds were distributed to more than 86 accounts on Binance, Zhao said in a Tweeter.
“The DPRK hacking group began moving their stolen Axie Infinity funds today. A portion was paid to Binance, spread across more than 86 accounts. $5.8 million was recovered. We [have] done this many times for other projects in the past,” Zhao added.
North Korea behind the attack?
In another previous report, Kripteu Magazine covered the fact that the real entity behind the Ronin Bridge hack was the North Korean hacking group Lazarus. The US Treasury Department worked with the Federal Bureau of Investigation (FBI) to track the funds as they were transferred from Tornado Cash.
It is also important to note that the FBI believes that these hacks are a source of revenue for the North Korean government led by Kim Jong Un. Meanwhile, Binance, the largest crypto exchange in the world, continues to recover the stolen funds. .