The U.S. Federal Bureau of Investigation (FBI) and the Department of the Treasury allege North Korea’s Lazarus Group and APT38 were responsible for stealing cryptocurrencies worth about US$620 million off the Ethereum sidechain Ronin.

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

Fast facts

  • The hack was perpetrated by the Democratic People’s Republic of Korea (DPRK), the FBI said. 
  • The Treasury department added new sanctions against the Ethereum wallet owned by Lazarus Group.
  • Some 173,600 Ethereum and 25.5 million USDC were robbed when Ronin Network, the Ethereum sidechain that the blockchain-based play-to-earn game Axie Infinity runs on, was breached on March 23.
  • Ronin is still updating security measures before redeploying the blockchain, which is expected to happen by the end of April.
  • The DPRK has allegedly been funding its nuclear and ballistic missile programs with cyberattacks on crypto exchanges, Reuters reported.
  • Hackers backed by the DPRK ’s allegedly stole nearly US$400 million worth of cryptocurrencies last year, according to blockchain data analysis platform Chainalysis.
  • The FBI established a new unit back in February to combat crimes that exploit blockchain technology and cryptocurrencies.

See related article: Ronin hack proceeds seen headed to Tornado Cash