Online money transfer, digital money, non-fungible tokens, you may have heard about them many times. But do you think that these things are always beneficial and nobody could ever make a benefit out of you cuz they are just digitally saved online?
Sometimes things are not like what they seem to be. Likewise, news has come on that North Korea-Linked Lazarus Group plundered cryptocurrency with a huge amount out of a gaming platform. 30 million dollars’ worth of cryptocurrency has been plundered online.
The adversary group involved in these money heists was the Lazarus Group. Well, the platform that became the medium and the victim of this gang war was Axie Infinity (an online video game). The great news is that the plundered money has been recovered. All digital assets in the only theft have been seized unless the case is resolved.
Erin Plante, (senior director of investigations) Chainalysis
“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.”
“The hacker bridged ETH from the Ethereum blockchain to the BNB chain and then swapped that ETH for USD, which was then bridged to the BitTorrent chain,”
He tried to give details about everything that happened between various kinds of cryptocurrencies in a single transaction to steal the stolen funds.
- Development was seen five months after the Cryptocurrency hack. Due to that, $620 million was stolen from the Ronin Network (Decentralized Finance Platform). In that attack, adversaries made the theft $455 million via Ethereum-based cryptocurrency tumbler Tornado Cash.
- The Cryptocurrency Heist (march 2022) made a loss of 1,73,600 ETH (around $594) at the moment and $25.5 million in USDC stablecoin. It turned the heist into the biggest cryptocurrency theft yet.
Tornado Cash has been introduced as a popular tech for anonymizing virtual currency transactions. Lazarus Group used Tornado Cash to turn illegally captured assets into cash by transferring them into the crosshairs of the U.S. government. Due to that, there has been a ban proposed for the services last month.
The Blockchain Analytics Firm
“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.”
If we look at the advancement of the incident, Lazarus Group will be proved an Advanced Persistent Threat. North Korean Goals was being backed by Lazarus Group. Their goals consisted of espionage and generating income for the hit nation by victimizing financial firms. Mostly, events were taken care of by professionals from the Reconnaissance General Bureau.
Tornado Cash’s Six Coinbase Employ Users files a case against several titles this week because of the decision to ban transactions on the platform. The people who came on the list were
- the U.S. Treasury Department
- Treasury Secretary Janet Yellen
- several other officials.
As you can see, not even digital currency (cryptocurrency) is safe right now, so you must read all the policies that the company or firm has introduced to the clients. Don’t believe what others say and try to read hot topics daily. Learn, Research, and Grow!
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