Norwegian Government Recovers Significant Amount of Altcoin Following Theft
In a recent development, the Norwegian government has successfully retrieved a substantial portion of the stolen altcoin funds. The recovered amount, totaling $5.7 million, is linked to the infamous Ronin (RON) hack that took place in 2022, resulting in a massive loss of over $600 million, marking it as the largest DeFi vulnerability in history.
The hack targeted Ronin, an Ethereum sidechain designed to support the popular play-to-win web3 game Axie Infinity (AXS) by Sky Mavis. Through a collaborative effort involving law enforcement, legal professionals, accountants, and blockchain security firms like Chainalysis, the funds were frozen and returned.
The Norwegian National Agency for the Investigation and Prosecution of Economic and Environmental Crimes (Økokrim) played a crucial role in the recovery process. Sky Mavis expressed their gratitude towards all parties involved, particularly highlighting Økokrim and the FBI in the USA.
It was disclosed that 15% of the recovered funds will be allocated towards covering expenses, with the remainder being deposited into the Axie Infinity treasury. Additionally, assets worth $40 million have been frozen by authorities, awaiting eventual recovery.
The Ronin hack has been attributed to North Korea’s Lazarus Group, a group also linked to other high-profile attacks, such as the $100 million Harmony bridge attack in January 2023. However, no specific timeline has been provided for the return of the frozen assets at this stage.
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