The U.S. tied one of the largest heists in crypto to a North Korean hacking group. That happened just over a week ago. Binance recovers stolen disguised loot from a supposed mega hacker from overseas.
Digital asset exchange Binance said it was able to restore approximately $5.8 million of stolen loot that entered the platform. The mega hacker group turned out to be a North Korean hacking group.
The North Korean Hacking group was able to steal about $5.8 million worth of assets. They managed to transfer the stolen assets by disguising them as something else entirely.
$600 million worth of assets in total
A representative of the U.S Treasury Department confirmed that the group is Lazarus. And in total, they have stolen about $600 million worth of cryptocurrency from Ronin.
Everything began when they found an Ethereum wallet address tied to the group. This made it much easier to track the group and see where the money went to. The wallet address is now part of the sanction list.
Binance also did their part by tracing stolen assets that were transferred to the hackers’ wallet, which then transferred again to Tornado Cash — a platform that allows anonymous token transfers on top of the Ethereum blockchain.
While the amount they have recovered was only a tiny portion of the total amount so far, it is an accomplishment of its own. It has raised hopes that more of the stolen assets will be recovered in the future.
Some good news about this is that the security measures will be tighter to make it harder to copy this method. People who want to try to cash out their illegal crypto assets will find out that it’s now much more difficult than before.
They restore it in a camouflaged form. The specific way in which they achieve this serves to inform those people who are trying to cash out illegitimate cryptocurrency profits.
It will probably only get more difficult.