US Officials have recovered $30 Million In Stolen Cryptocurrency From "Axie Infinity."

Image Source : Google Author : Breaking News Team

US authorities, with the help of blockchain analyst Chainalysis, recovered $30 million worth of cryptocurrency stolen from Axie Infinity in March

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This is only a fraction of the $625 million the game lost to a North Korean-linked hacking cell known as the Lazarus Group

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But it is a significant achievement for law enforcement and the cryptocurrency community

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Chainalysis says this is the first time that cryptocurrency stolen by a North Korean hacking group has been seized

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As the analyst explains, groups linked to North Korea typically use Tornado Cash to mix ether, but the sanctions imposed on the US mixer forced them to use alternative methods

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They now use blockchain bridges to switch between different types of digital coins to hide the source of their funds, and the analyst had the tools he needed to trace those movements between chains

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It is clear that most of the funds stolen from Axie Infinity remain on the blockchain, suggesting that the bad actors are struggling to move the stolen assets and turn them into fiat currency

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Chainalysis seems confident that this will not be the last time that stolen funds will be recovered from these hacker groups

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According to Bleeping Computer, news of the recovery was announced at the ongoing AxieCon event

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The game publishers revealed that the recovered funds will be gradually transferred to Axie Infinity's coffers and then returned to the player community

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However, this will not be a quick process and may take several years to complete

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