Norwegian Authorities Return $5,700,000 Worth of Stolen Crypto Assets From 2022 Ronin Network Hack

Norwegian authorities have successfully frozen and returned $5.7 million worth of crypto assets stolen during the 2022 Ronin Network hack. This network, an Ethereum sidechain developed by Sky Mavis, the creators of the NFT-based game Axie Infinity, was targeted in March 2022 by hackers believed to be from the North Korean cybercriminal group Lazarus. The hackers exploited the private keys of the Ronin bridge, making off with 173,600 ETH and 25.5 million USD Coin (USDC), valued at over $600 million at the time.

Sky Mavis announced the recovery on Friday, crediting the efforts of the Økokrim (Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) for the successful seizure and return of the stolen assets. The recovery was the result of coordinated efforts involving law enforcement agencies, legal and accounting experts, and blockchain forensic teams such as Chainalysis.

Approximately 15% of the recovered assets will be used to cover the costs and expenses incurred during the recovery process, with the remaining 85% being deposited into the Axie Infinity treasury.

Sky Mavis also noted that since the hack, a total of $40 million worth of the stolen crypto has been frozen by law enforcement, but recovering and returning these assets will take additional time, and no specific timetable can be provided at this moment.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR