Binance Secures $5.8 Million Worth Of Laundered Axie Infinity Funds 16

Binance Secures $5.8 Million Worth Of Laundered Axie Infinity Funds

  • Crypto exchange Binance has secured a part of stolen Axie Infinity funds. 
  • Binance’s CEO Changpeng Zhao stated that the exchange has successfully retrieved stolen funds worth $5.8 million from the Axie Infinity hackers. 

Crypto Exchange Binance has successfully seized $5.8 million worth of stolen funds from the Axie Infinity hackers. The exchange’s CEO Changpeng Zhao took to Twitter to reveal new details adding that the exchange was able to retrieve nearly $5.8 million from the hackers. 

Binance Successfully Secures A Part Of Stolen Axie Infinity Funds

Changpeng Zhao, CEO of leading cryptocurrency exchange Binance has disclosed new details concerning the unprecedented Axie Infinity exploit that took place last month. 

Zhao stated in a tweet that the exchange was able to salvage a part of looted funds worth $5.8 million. Zhao later added that the DPRK hacking group was moving their funds today, a part of which made it to Binance.

The US regulators’ investigation had earlier labeled Lazarus, a North Korean hacker group responsible for staging one of the biggest exploits in the DeFi history that resulted in Axie Infinity losing funds worth $625 million. 

According to Ronin’s official Substack, the hackers exploited the Ronin validators nodes for Sky Mavis to breach the network security. In addition to this, the attackers also made use of hacked private keys to fabricate fake withdrawals, according to block explorer and analytics firm Etherscan

Later on, the hackers also made use of Tornado Cash, which is an Ethereum mixer protocol to obscure the traces of laundered Axie Infinity funds. 

Recently, the exchange also led a $150 million funding round in association with Animoca Brands to restore funds on Ronin Bridge and to reimburse users who have lost their funds in the recent Axie Infinity Ronin exploit. 

“Binance is happy to announce that it has led a USD 150 million funding round of Sky Mavis, the creator of leading NFT breakout title Axie Infinity, to restore funds on the Ronin Bridge, with the participation of Animoca Brands, a16z, Dialectic, Paradigm, and Accel. The round will be used to reimburse user funds affected by the Ronin Validator Hack.”