Binance Recovers Over $5.8M From Axie Infinity Bridge Attack

As reported by Decrypt, cypto exchange Binance has recovered a small fraction of the $622 million stolen from Sky Mavis’s Ethereum sidechain Ronin last month, according to a tweet by exchange CEO Changpeng “CZ” Zhao.

Sky Mavis is the developer team behind the popular play-to-earn crypto game Axie Infinity.  Zhao tweeted that the North Korean hacking group responsible for the theft began channeling some of the loot on the exchange across “over 86 accounts” and that “$5.8M has been recovered.

Experts Comments

April 25, 2022
Jake Moore
Cybersecurity Specialist
ESET

Recovering stolen cryptocurrencies is difficult but not impossible, especially when the movement of funds is eagerly watched. Some targeted companies have in the past relied on simply asking for it back, but some take further measures and follow the money for months or even years. The interesting technology that enables cryptocurrencies means that the money can often be traced when shifted, yet not always located by law enforcement. Previously, huge sums of stolen digital assets have been

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Recovering stolen cryptocurrencies is difficult but not impossible, especially when the movement of funds is eagerly watched. Some targeted companies have in the past relied on simply asking for it back, but some take further measures and follow the money for months or even years. The interesting technology that enables cryptocurrencies means that the money can often be traced when shifted, yet not always located by law enforcement. Previously, huge sums of stolen digital assets have been frozen and even handed back when cybercriminals have been cornered and unable to exit the platforms and turn it back into a non-digital currency.

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