Partial refund of hacked money?

Partial refund of hacked money?


Friday 09 Sep 2022 ▪ 9:00 pm ▪
5
min reading – and
Cédrick Aimé GUELANG OFALABEN

In addition to the bear market, players in the crypto industry have to face another difficulty: fraud. Indeed, since the beginning of this year, the theft of millions of dollars in cryptocurrencies has been a major handicap for the industry. US authorities have led witch hunts. This enabled them to recover almost 30 million dollars from 600 million was stolen at the beginning of the year in the online game Axie Infinity by a North Korean organization. Chainalysis, a cryptocurrency analytics company, posted this announcement.

Axie Infinity was hacked by North Korean hackers

Axie Infinity: $30 million in cryptocurrency recovered from North Korean hackers

Since the start of this year, cryptocurrency hacks have cost the industry more than $2 billion. According to an announcement last Thursday by crypto monitoring firm Chainalysis, another hack took place earlier this year. Fortunately, the results were not so bad this time, because the American authorities were able to recover the stolen 30 million. The victim this time was online video game Axie Infinity. The perpetrators of this macabre act are said to be members of the Lazarus Group, an organization linked to North Korea. This container was not in its original package, it is suspected to be the source of several other thefts.

This is Erin Plante, Chainalysis’ Senior Director of Research who gave this testimony in a blog post. You can read there that: “With the help of law enforcement and leading organizations in the cryptocurrency industry, more than $30 million in cryptocurrencies stolen by hackers linked to North Korea have been seized. This is the first time a cryptocurrency stolen by a North Korean hacker group has been caught, and we’re sure it won’t be the last. » These crooks managed to steal nearly $600 million from the Axie Infinity game last spring.

Refunds do not change anything for Tornado Cash

The US Treasury Department had sanctioned Tornado Cash for alleged involvement in the hack against Axie Infinity. As a reminder, pirates would use Tornado Money, a platform for mixing cryptocurrencies, to identify their package. It was used to chase large amounts of profit. In response to the allegations, the Treasury Department stripped him of his combination the right to exercise in the United States. While the partial recovery of the stolen money is underway, it is expected that government lines will be moved.

At the moment, nothing seems to have moved in this direction. You will find that this punishment is unprecedented in the United States, it is also the subject of several debates. Since it can be a threat to privacy and even to creativity, warns a member of the US Congress. He expects Congress to start asking questions about this move with the Treasury Department. In the same way, Tom Emmer of the show “The first founder” of CoinDesk also has reservations. “I didn’t want to give the impression of being completely againste do it let OFAC look into this. » He will go further to say that: My problem is that this program for controlein principle, not by a person or entity. So if you think about it, the Tornado Cash penalty is an unprecedented change by the Office of Foreign Assets Control in its approval policy.. »

One thing is certain, the war against pirates continues to claim collateral victims. Despite the recovery of 30 million of the 600 million stolen, the sanctions of the American government are still effective. There will be more doubts about confidentiality and the use of creative tools.

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Cédrick Aimé GUELANG OFALABEN avatar
Cédrick Aimé GUELANG OFALABEN

A doctoral student in financial law and an experienced SEO web editor, Cédrick Aimé is very interested in cryptocurrencies, trading etc. He usually shares thanks to his articles in the daily blockchain revolution for the improvement of DeFi democracy.

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