Binance Exchange Helped Ronin Network to Recover $5.8M Lost Through Hack

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Binance cryptocurrency exchange has helped Axie Infinity’s Ronin Network to recover some of the funds lost to the hack on its Bridge back in March. The good news was shared by Binance Chief Executive Officer, Changpeng Zhao who took to Twitter to explain that a fraction of the more than $620 million stolen from the Ronin Bridge was channeled through the trading platform.

The hack on the Ronin Bridge has been connected to the North Korean hacking group, Lazarus by the United States Department of Treasury. According to the Binance boss, the group spread the stolen funds through 86 different accounts on its platform, totaling $5.8 million.

“The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too,” he said in the tweet.

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The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.

— CZ 🔶 BNB (@cz_binance) April 22, 2022

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Binance Displayed Practical Evidence of Solidarity

The news has showcased how much solidarity exists in the digital currency ecosystem, as exchanges and other blockchain startups collaborate to fight related crimes of this nature. 

Earlier reports have it that the Lazarus group has channeled some of the funds through Tornado Cash, a privacy tool that they used to convert the funds from Ethereum (ETH) into other digital currencies. Tornado Cash makes it difficult to track the funds that pass through it.

That Binance was able to intercept some of the stolen funds have sent a reassurance to the digital currency ecosystem as well as the broader financial world that transactions that take place on the blockchain are very transparent and easy to track.

According to the optimism in the ecosystem following the refund of the $5.8 million funds, there is an expectation that other exchanges will be able to make a similar move, should the hackers try to launder the funds through their platform.

The wallet address connected to the Lazarus group and the Ronin Bridge hack has been sanctioned by the authorities and this will make it somewhat easy for exchanges to track them appropriately. The wallet which has the designation of the “Ronin Bridge Exploiter” has over $284 million in assets at the time of writing according to data from Etherscan

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