Binance

Binance Recovers $58M Stolen From the Axie Infinity Heist 

Binance, the world’s largest crypto trading platform says it has recovered $58 million in funds linked to the Axie Infinity hack that occurred a few weeks ago. 

CEO of the exchange Changpeng Zhao (CZ) also confirmed the news via a tweet on his social media account. 

CZ further disclosed that the North Korean hacking group believed to be behind the malicious attack had commenced moving the stolen funds to other locations today. 

However, most of the crypto funds eventually made their way to Binance and were sparsely spread across 86 different profile accounts. 

The social engineering hack was targeted at the Ronin Network, which is the blockchain that Axie Infinity – one of the most popular play to earn games is built on. 

RELATED: Binance Updates It’s Policy For Russian Amid Lastest EU Sanctions

According to the market rates at the time of the hack, it is recorded to be the largest crypto heist ever with a whopping sum of $625 million hijacked from the network. 

However, it seems that the North Korean hacking group may have waited a bit longer before moving the funds with hopes that interest in the issue would fade out. 

But they are now being outwitted by the traceability offered by blockchain technology as well as the thorough vigilance from major crypto exchanges, which now makes it almost impossible to convert their loot into fiat. 

Also, North Korea was recently accused of deliberately putting a target on crypto companies while attempting to evade economic sanctions imposed on it by the Western governments.

The United Nations also disclosed its fears that most of the stolen funds are being used to finance the state’s secret nuclear weapons program. 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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