PanamaTimes

Tuesday, May 21, 2024

U.S. Seizes Cryptocurrency Worth $30 Million Stolen by North Korean Hackers

U.S. Seizes Cryptocurrency Worth $30 Million Stolen by North Korean Hackers

More than $30 million worth of cryptocurrency plundered by the North Korea-linked Lazarus Group from online video game Axie Infinity has been recovered, marking the first time digital assets stolen by the threat actor have been seized.
"The seizures represent approximately 10% of the total funds stolen from Axie Infinity (accounting for price differences between time stolen and seized), and demonstrate that it is becoming more difficult for bad actors to successfully cash out their ill-gotten crypto gains," Erin Plante, senior director of investigations at Chainalysis, said.

The development arrives more than five months after the crypto hack resulted in the theft of $620 million from the decentralized finance (DeFi) platform Ronin Network, with the attackers laundering a majority of the proceeds – amounting to $455 million – through the Ethereum-based cryptocurrency tumbler Tornado Cash.

The March 2022 cryptocurrency heist resulted in losses totaling 173,600 ETH worth about $594 million at the time and $25.5 million in USDC stablecoin, making it the biggest cryptocurrency theft to date.

Although Tornado Cash has emerged as a popular tool for anonymizing virtual currency transactions, its abuse by malicious actors such as the Lazarus Group to cash out the illicitly obtained assets has landed it in the crosshairs of the U.S. government, which imposed sanctions against the service last month.

The blockchain analytics firm said that the blocklisting forced the adversary to move away from the mixer in favor of DeFi services such as crypto bridges to chain hop and move digital assets between chains in a bid to obscure the trail of funds.

"The hacker bridged ETH from the Ethereum blockchain to the BNB chain and then swapped that ETH for USDD, which was then bridged to the BitTorrent chain," Plante said, detailing the switch between several different kinds of cryptocurrencies in a single transaction to launder the stolen funds.

The Lazarus Group is a prolific advanced persistent threat (APT) that's driven by efforts to support North Korea's operational goals, which comprises espionage and generating revenue for the sanctions-hit nation by striking financial institutions. Most of the cyber operations are conducted by elements within the Reconnaissance General Bureau.

The seizure also comes as six users of Tornado Cash, including Coinbase employees, filed a lawsuit this week against the U.S. Treasury Department, Treasury Secretary Janet Yellen, and other officials over their decision to slap sanctions on the platform.

The crypto recovery is also indicative of the headway U.S. authorities have made in their ability to track and seize illicit cryptocurrency funds from various cybercrimes. In late July, the Justice Department announced the seizure of $500,000 worth of Bitcoin from a North Korean hacking crew which extorted digital payments from healthcare facilities by using a new ransomware strain known as Maui.
Comments

Gordon 2 year ago
The U.S Government didn't recover any cryptocurrencies.
The U.S Government steals social security from the US citizens who have not committed a crime. The U.S government seized safety deposit boxes illegally.

This is a propaganda story to get people to believe the U.S. Government will save you.

The U.S. Government creates the crime then offers the solution to the crime they committed against humanity.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
El Salvador's Bitcoin Holdings Reach $350 Million
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+
Changpeng Zhao Sentenced to Four Months in Jail
Biden Administration to Relax Marijuana Regulations
101-Year-Old Woman Mistaken for a Baby by American Airlines: Comical Mix-Up during Flight Check-in
King Charles and Camilla enjoying the Inuit voice singing performance in Canada.
New Study: Vaping May Lower Fertility in Women Trying to Get Pregnant
U.S. DOJ Seeks Three-Year Sentence for Binance Founder Changpeng Zhao
Headlines - Thursday, 23 April 2024
Illinois Woman Wins $45M Lawsuit Against Johnson & Johnson and Kenvue for Mesothelioma Linked to Baby Powder
Panama's lates news for Friday, April 19
Creative menu of a Pizza restaurant..
You can be a very successful player, but a player with character is another level!
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.
Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.
I will never get enough of his videos and the pure joy and beauty of these women!!
Scientists at the University of Maryland have developed an "invisibility cloak", for AI using adversarial patterns on a sweater, making the wearer nearly undetectable to standard object detection methods.
Lamborghini Bids Farewell to Its Best-Selling Sports Car: The Huracán
Sam Bankman-Fried Appeals 25-Year Prison Sentence for $8bn FTX Fraud
OJ Simpson, ex-NFL star who was acquitted of murder, dies aged 76
British Backpacker Imprisoned in Notorious Bolivian Prison: Family Raises Funds for Legal Fight and Essentials
Argentina: Venezuela Cuts Power to Embassy after Opposition Meeting
El Salvador Offers 5,000 Passports to Skilled Foreign Workers: Tax-Free Relocation and Citizenship
Panama Papers Trial Begins: Founders of Mossack Fonseca Face Money-Laundering Charges
75 Becomes the New 65: Retiring in Your 60s Unrealistic as Life Expectancy Increases and Costs Rise
Total Solar Eclipse of 2021: 32 Million Witness the Mystical, $1.5bn Spectacle Sweep Across North America
New shopping experience…
New world, new reality, let’s get used to it
UK Company Passes Milestone in Developing Space-Based Solar Power, Aiming to Power a Million Homes and Provide Constant Energy
Mexico Breaks Diplomatic Ties with Ecuador after Police Storm Embassy, Arrest Former Vice President
Monty Python were so ahead of their time
If there's a will, there's a way!
Rules about how to dress are important, but not so much if you have a lot of money.
Body Armor Firm Showcases Stab-Proof Vest in Demo on CEO
Mexico Cuts Diplomatic Ties with Ecuador After Embassy Stormed in Quito
Here is a tattoo idea, for engineers
Zoraya Ter Beek, a 28-year-old woman from the Netherlands, will undergo euthanasia in May due to severe mental health challenges
Here's a video featuring Fidel Castro, where he discusses his stance against war and his commitment to preserving life, positions that have put him at odds with the USA:
Woman reaches behind and steals gun from a security guard and shoots three people while getting detained in Chile
Take a walk around the safe and thriving downtown San Salvador.
Joe Biden criticised by Trump campaign for declaring Transgender Day of Visibility on Easter Sunday
Macron says France will help Brazil develop nuclear-powered submarines
A video demonstrating women's self defense class in 1930
×