Crypto

Cryptocurrency: Loot of thieves from the game “Axie Infinity” partially found

PublishedSeptember 10, 2022, 10:32 pm

cryptocurrencyLoot from the thieves of the game “Axie Infinity” is partially found

For the first time, US authorities thwarted the plans of the North Korean-backed group Lazarus.

Cryptocurrency game “Axie Infinity” was the victim of the largest cryptocurrency heist in March 2022.

axieinfinity/tornadocash/photomontage

The FBI pulled off a major coup by recovering the equivalent of $30 million worth of cryptocurrency stolen from the Axie Infinity game last March. But above all, this is the first time that mining has been seized from the North Korean-linked Lazarus group, said the firm Chainalysis, which was involved in the operation. A group of cybercriminals quickly came to the attention of investigators. Even though that $30 million has been returned, we are still far from the count as more than $600 million has been stolen from the blockchain-based game in total, which is barely 5% of the mining.

Laundering error

As the specialist firm explains, the North Korean-linked group used to launder the cryptocurrency with Tornado Cash, a service for “mixing” ether to avoid tracking the stolen funds on the blockchain. But, like Blender.io, this tool has become one of the targets of the US authorities. The cybercriminals then resorted to blockchain-connecting protocols (bridges) to switch from one type of digital currency to another. But this is without a specialized firm and its tools for tracking these inter-channel movements.

Most of the other funds stolen from Axie Infinity are believed to still be on the blockchain, suggesting that cybercriminals are struggling to transfer these stolen assets and convert them into cash.

far from refund

During the AxieCon conference, Sky Mavis, the publisher of Axie Infinity, announced that the money raised will be gradually transferred to the game’s treasury, and then returned to the gaming community. But victims may have to patiently work through their problems in a process that could take years, notes Bleeping Computer.

(laugh)

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