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Axie Infinity Crypto Theft Linked To North Korean Hackers By The FBI

FBI announced that it had linked North Korean cyber criminals to stealing millions of dollars in crypto connected to the popular online game Axie Infinity.

Axie Infinity Crypto Theft Linked To North Korean Hackers By The FBI

Lazarus Group, according to analysts, may try to launder stolen currencies through Asian markets. On Thursday, the U.S. Treasury Department announced that it had linked North Korean cyber criminals to losing hundreds of millions of dollars in cryptocurrencies connected to the popular online game Axie Infinity.

According to Ronin, on March 23, digital cash worth about $615 million was stolen, a blockchain network that allows customers to transfer crypto in and out of the game. No one has claimed responsibility for the hack. Still, the U.S. Treasury announced on Thursday that a digital currency address used by the hackers was controlled by a North Korean hacking gang known as “Lazarus.”

A Treasury Department spokesman stated using the initials of North Korea’s official name that the United States is aware that the DPRK has increasingly depended on illegal acts — together with cybercrime. It has relied on illicit actions to create income for its weapons of mass felling and ballistic projectile plot as it tries to flee U.S. and U.N. sanctions. According to the representative, the wallet’s users risk being sanctioned by the U.S.

The classification confirmed that North Korea was behind the break-in, according to blockchain analysis companies Chainalysis and Elliptic. Sky Mavis engaged CrowdStrike to conduct an investigation, but the firm refused to comment. Sky Mavis co-founder Aleksander Larsen, who created Axie Infinity, declined to respond.

According to a publication on the official Ronin blog, the FBI has ascribed the attack to the Lazarus Group. The U.S. Treasury Department has sanctioned the address that handled the looted funds. The US claims that North Korea’s Reconnaissance General Bureau allegedly runs the Lazarus cyber squad. It is suspected of attacking international banks and consumer accounts using the “WannaCry” ransomware and the Sony Pictures Entertainment hacked in 2014.

Hacks have long plagued cryptocurrency systems. The Ronin hack was one of the most significant cryptocurrency thefts ever. Sky Mavis stated it would refund the money lost using a combination of its balance sheet capital and $150 million received from shareholders, including Binance.

According to the Ronin blog, they are still in the process of incorporating security precautions before reallocating the Ronin Bridge to minimise potential threats. He added that the bridge should be operational by the end of the month. According to a Treasury representative, the U.S. will consider publishing crypto cybersecurity guidelines to aid in the fight over stolen crypto money.

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