In a successful recovery operation, Norwegian authorities managed to freeze and return $5.7 million worth of crypto assets that were stolen in a major hack on the Ronin network in 2022. Ronin is an Ethereum sidechain created by Sky Mavis, the team behind the popular NFT game Axie Infinity.
The hack, believed to be orchestrated by the North Korean cybercriminal group Lazarus Group, saw hackers exploit the private keys of the Ronin bridge to steal 173,600 ETH and 25.5 million USDC valued at over $600 million at the time. Sky Mavis recently announced that the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) had seized and returned $5.7 million of the stolen assets. Recovery efforts involved collaboration among law enforcement agencies, lawyers, accountants, and blockchain forensic teams such as Chainalysis, with 15% of the recovered funds covering expenses and the remaining 85% being deposited into the Axie Infinity treasury.
Furthermore, Sky Mavis revealed that a total of $40 million in stolen crypto assets had been frozen by law enforcement since the hack. However, it was noted that recovering and returning these assets will take some time as there is currently limited information available regarding a specific timeline for the process. Despite the challenges, the developer remains committed to retrieving the frozen assets and returning them to their rightful owners.
To stay updated on the latest developments and news related to the recovery efforts and the ongoing situation with the stolen crypto assets, interested individuals can subscribe to receive email alerts directly to their inbox. Additionally, they can follow Sky Mavis on various social media platforms including X, Facebook, and Telegram to stay connected and informed about any new updates or announcements regarding the recovery process.
Overall, the successful freeze and return of $5.7 million worth of stolen crypto assets by Norwegian authorities marks a significant milestone in the aftermath of the Ronin hack. With ongoing efforts to recover the remaining frozen funds and return them to the Axie Infinity treasury, the collaboration between law enforcement agencies and various teams involved in the recovery process demonstrates a strong commitment to combating cybercrime and protecting the interests of affected individuals in the crypto community. Stay tuned for more updates on this developing story as the recovery process continues to unfold.
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