Finance

Axie Infinity Hackers Still Laundering The Theft Funds Amid US Sanctions 

04/25/2022
Bitcoin Ethereum News

  • Last Month, Axie Infinity got Sniped by attackers who inflicted approximately $600 Million in damage. 
  • But apparently, the hackers are not yet done with their unethical acts. 
  • It is to look forward to when the Axie Infinity creators manage to take command over the funds that the hackers bagged. 

It seems like the hacker group called The Lazarus Group from North Korea, which is related to a March attack on Axie Infinity worth $600 Million, is not yet done with its illicit activities. The group is still laundering funds stolen from the attack, notwithstanding the sanctions imposed by the US. 

US$80.3 Million Were Laundered Via Tornado Cash

Even after the US Sanctions, the hackers from North Korea have been open-handedly laundering money. These illicit activities are being carried out through Tornado Cash.

As signified by the blockchain analytics firm Elliptic, Tornado Cash is a service that seeks to hide the origin of funds. If we look at the statistics, the hackers have laundered 18% of their robberies. And US$80.3 Million were Laundered Via Tornado Cash

A report by The Washington Post highlights that sanctions carried out by the US Treasury Department usually remain open to carry on the transactions primarily because of the incomplete compliance by the firms such as Tether and Center Consortium. 

The US Treasury Department’s Office Of Foreign Assets Control (OFAC) sanctioned the attackers’ Ethereum wallets earlier. Furthermore, it added three more addresses to the listicle last week. 

Whereas the world’s prominent cryptocurrency exchange Binance highlights that it has ceased US$5.8 Million of the robbed funds that made it onto its platform recently. 

Ronin Bridge Collapse 

Recently Axie Infinity got Sniped by attackers who inflicted damage of over $600 Million in Ethereum and USDC. The attacker found a vulnerable spot where they didn’t waste time and attacked Ronin Bridge, eventually collapsing it. 

Recently Sky Mavis made an announcement to raise $125 Million in order to reimburse the victims of the attack. 

If the funds aren’t ceased soon, the Axie Infinity creators might face a major loss which they won’t be able to recover at any point in the future. 

ALSO READ: Is the reason behind Silvergate Capital’s growth its stablecoin initiative?

Source: https://www.thecoinrepublic.com/2022/04/25/axie-infinity-hackers-still-laundering-the-theft-funds-amid-us-sanctions/