Binance CEO confirms the recovery of $8.5M linked to the Axie Infinity hack

Binance, the world's largest crypto exchange, recovered $8.5 million relating to the Ronin Bridge hack. It was the crypto community's worst defeat yet. Changpeng Zhao, often known as 'CZ', the company's CEO, confirmed the news on Twitter in a series of messages.

Ronin Bridge, an Ethereum sidechain for Axie Infinity users, was stolen, according to a previous report from Kripteu Magazine. As a result, in a loss of about 173,600 ETH and 25.5 million USDC owing to a vulnerability. This is the most significant DeFi hack yet, and it has established a precedent for future instances.

The monies were reportedly laundered via Tornado Cash, making it impossible for blockchain specialists to monitor the data. Tornado Cash received about 21,000 ETH, with a portion of the funds put on the Binance cryptocurrency exchange. According to Zhao, the monies were allocated to over 86 Binance accounts.

Today, the DPRK hacking squad started transferring their stolen Axie Infinity monies. Binance received a share of the money distributed over 86 accounts. The amount recovered was $5.8 million. This is something we've done before for other initiatives, Zhao noted.

The true entity behind the Ronin Bridge breach was the North Korean hacker outfit, Lazarus, according to a recent article by Kripteu Magazine. The US Treasury Department and the FBI worked together to follow the cash as they were moved from Tornado Cash.

It's also worth noting that the FBI believes these breaches are a source of cash for Kim Jong UN's North Korean regime. Besides that, many new initiatives focusing on environmental well-being, such as SET and Plastik, were hoping to list on these platforms but they may have had trouble generating good replies. Meanwhile, Binance, the world's largest cryptocurrency exchange, is working to retrieve the taken assets.

The North Korean hacker outfit Lazarus was revealed to be the true preparator of the Ronin Bridge breach in a previous article by Cryptonary. It's also worth noting that the FBI believes such breaches are a source of cash for North Korea's Kim Jong Un-led government.