Axie Infinity hack proceeds continue to be laundered despite US sanctions

Axie Infinity hack proceeds continue to be laundered despite US sanctions

Posted on

The Lazarus Group, the North Korean hacking group linked to the US$600 million Axie Infinity hack in March, is still laundering funds stolen from the hack despite sanctions imposed by the U.S. 

See related article: Axie Infinity blockchain Ronin hacked for over $600M

Fast facts

  • Despite U.S. sanctions, North Korean hackers have been freely laundering money, primarily through Tornado Cash, a service that attempts to hide the origin of funds, according to blockchain analytics firm Elliptic. 
  • As of April 14, exploiters had laundered 18% of their loot, or over US$100 million of the proceeds. Around US$80.3 million was laundered through Tornado Cash.
  • According to a report by The Washington Post, addresses sanctioned by the U.S. Treasury Department often remain free to continue transactions, mainly due to incomplete compliance by companies like Tether and Center Consortium.
  • The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned the Ethereum wallets of the attackers on April 14, adding three more addresses to the sanctions list on Friday.
  • However, Binance, the world’s largest cryptocurrency exchange, said it froze US$5.8 million of the stolen funds that made it onto its platform on Friday. 

See related article: Ronin hack delays Axie Infinity upgrade

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *