Binance Recovered $5.8M From The Recent Axie Infinity Hack

Binance recovered $5.8 million from the recent Axie Infinity Hack and the funds were spread over 86 accounts as the founder Changpeng Zhao noted so let’s read more in today’s latest Binance news.

The crypto exchange Binance recovered $5.8M worth of stolen funds originating from last month’s Axie Infinity exploit. The funds were distributed over 86 accounts and the founder Zhao noted:

“The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it was made to Binance, spread across over 86 accounts. $5.8M has been recovered.”

The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.

— CZ 🔶 Binance (@cz_binance) April 22, 2022

The $625 million exploits which were one of the biggest in the industry, were tied to the US security officials to North Korea’s Lazarus hacker group. Ronin Network the creators of the Axie Infinity bridge which saw the exploit, said that the FBI linked the Lazarus group breached the validator, and sanctioned the funds. The exploiters used the privacy tool Tornado Cash to convert the stolen funds to ether and other coins as reported. Activity over the past week from the exploiters’ main address, tagged the exploiter on tracking services Etherscan which shows a few thousand ETH were moved in the past days and the wallet continues to hold up to $285 million worth of coins at writing time.

As recently reported, Following the EU’s fifth sanctions package against Russia, Binance started taking new measures against the Russian users and entities. The Russian users that have accounts holding more than 10,000 EUR in crypto, will face limited services as a part of these measures. If the account falls into this category, it will be put into withdraw mode only now that Binance limited services for the users. This means that the accounts won’t be able to deposit more funds and the users will be expected to close their accounts in 90 days. The users will also have to verify their home address and comply with the new rules but accounts with less than 10,000 EUR will remain unaffected.

The EU announced a new wave of sanctions and included crypto wallets that are related to Russia as a means of closing potential loopholes in the suite of sanctions against the country amid the invasion of Ukraine.

Also, The Axie Infinity devs Sky Mavis offered a prize of $1m for the hackers that can identify the severe vulnerabilities of the ronin hack. Sky Mavis launched a bug bounty program after the hackers drained $622 million in crypto from the Ethereum sidechain Ronin last month. The developer offers bounties of up to $1 million and can encourage responsible disclosure of security vulnerabilities.