Norwegian Authorities Recover $5.7 Million in Ronin Hack Funds
CryptoNewsTerminal Staff07 Jun, 2024
Norwegian Authorities Recover $5.7 Million in Ronin Hack Funds
Norwegian authorities have frozen and recovered $5.7 million in funds stolen during the Ronin hack, according to a tweet from Sky Mavis, the developer of Axie Infinity. Up to 15% of the recovered funds will be used to cover the expenses of the recovery effort, while the remaining 85% will be deposited into the Axie Infinity treasury. Separately, approximately $40 million in assets have also been frozen and are in the process of being recovered. The Ronin hack was one of the largest crypto heists in history, with over $600 million worth of cryptocurrency stolen from the Ronin Network, a sidechain built for the popular play-to-earn game Axie Infinity. The hack was carried out by the North Korean state-sponsored Lazarus Group, according to the US Treasury Department. The recovery of these funds is a major victory for law enforcement and a blow to North Korea's cybercrime operations. It also shows that the authorities are increasingly taking action to combat crypto crime.
