Binance helped return crypto assets stolen during the Ronin Network hack to $5.8 million – Bits Media

Binance CEO Changpeng Zhao said, that the exchange returned $5.8 million from funds, stolen during a hacker attack on the Ronin Network Ethereum sidechain, used in the game Axie Infinity.

Recall, that the attack on the Ronin Network took place at the end of March, and user losses amounted to about $625 million. The problem was not discovered immediately, but this became the largest hack in the history of decentralized finance (DeFi). Last week, the US government discovered links between the attackers and the North Korean hacker group Lazarus..

Today, the head of the Binance trading platform, Changpeng Zhao (Changpeng Zhao) reported on Twitter, that a hacker group from the DPRK began moving stolen funds. Some of them arrived on the Binance platform - cryptoassets were “scattered” across 86 addresses.

The exchange managed to return crypto assets in the amount $5.8 million. Seems to be, hackers decided to wait a little, to transfer funds, in hope, that the situation will calm down. However, converting stolen digital assets into fiat currencies and withdrawing them is not an easy matter., because cryptocurrency exchanges remain vigilant.

Zhao noted, that this is not the first time that the exchange has helped in the return of stolen funds. So, in 2020 Binance returned crypto assets to users, stolen from users by the organizers of the fraudulent DeFi Wine Swap project, which was launched on the Binance Smart Chain blockchain (BSC). Besides, last year, Binance became involved in the investigation of fraud with the SQUID token, based on the TV series “The Squid Game”.