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
- 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