Axie Infinity’s Ronin Bridge was breached by the North Korean Lazarus hacker group last year, and Norwegian police (Okokrim) has now recovered 60 million kroner ($5,800,000) worth of bitcoin.
- A record $5.8 million worth of cryptocurrency stolen by North Korean hackers last year has been recovered by Norway.
- One of the largest money seizures ever undertaken in Norway was by Okokrim, which seized 60 million Norwegian crowns.
Okokrim Report
The detectives at Okokrim were able to use their money-tracing skills and tenacity to carry out the most significant cash seizure of this kind that has ever occurred in Norway. First Counsel Marianne Bender said, “Okokrim is good at following the money. This instance demonstrates that, even though criminals employ sophisticated [hiding] techniques, it is still possible to follow the money on the blockchain.
The blockchain-based game Axie Infinity’s publisher, Sky Games, lost $620 million in March 2022 due to an attacker manipulating the game’s Ronin bridge to take over some of its validators and conduct two unlawful transactions. This theft resulted in the seizure of the coin.
In April 2022, the FBI established a link between the assault and the North Korean Lazarus hackers. A few months later, it was discovered that Lazarus had used a typical intrusion technique, a bogus job offer intended for a Sky Mavis employee.
The FBI found cryptocurrency worth $30,000,000 that had been taken during the incident in September 2022 with the aid of blockchain specialists. The police promised that additional seizures would occur even though the sum only represented 10% of the stolen cryptocurrency (and 5% of its worth).
Collaboration Across Time Zones
Throughout time, Okokrim has collaborated with international partners to trace theft proceeds. Okokrim and its collaborators have continuously monitored the money laundering process. This is how Okokrim was able to track a sizeable portion of the money and make it more difficult for hackers to engage in money laundering. Bender claims that “We collaborate with FBI experts on bitcoin tracking. Thanks to international cooperation, a stronger society can fight against cybercrime driven by profit.”
Prevents the Money from being Used for Crime
Converting cryptocurrency into other assets that may be used in the real world is what money launderers want to do. “This money can potentially boost North Korea’s nuclear weapons program. As a result, it has become crucial to monitor cryptocurrencies and try to deter users from taking money out in physical form,” according to Bender.
The Police Department said, “Okokrim will keep track of the hackers’ attempts to launder money in the future and work to thwart and confiscate any attempts they make. The seized money was taken from the video game Axie Infinity. We will continue to work with the business Sky Mavis to ensure that those who were wronged receive their money back to the fullest degree feasible. Okokrim is pleased with how the FBI and US Department of Justice have cooperated in this matter.”
Conclusion
In 2022, the cryptocurrency market struggled as risk-taking decreased, and several crypto businesses went under. Regulators increased requests for more consumer protection due to the significant losses suffered by investors. An expert panel monitoring UN sanctions claims North Korea has become increasingly dependent on hacking to finance its missile and nuclear weapons programs, significantly as publicly acknowledged trade has decreased due to sanctions and COVID-19 lockdowns. To prevent further collapses, tight restrictions for cryptocurrency enterprises were implemented.
