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Law enforcement recovers $30 million from Ronin Bridge hack with the help of Chainalysis

Cryptocurrency Sep 08, 2022 04:40PM ET
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Law enforcement recovers $30 million from Ronin Bridge hack with the help of Chainalysis
 
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On Thursday, blockchain forensics firm Chainalysis said that law enforcement had recovered $30 million in crypto stolen from the $625 million Ronin Bridge hack in March. According to Chainalysis, Lazarus Group, the North-Korea linked entity behind the attacks, first used sophisticated money-laundering techniques such as sending stolen Ether (ETH) to crypto-mixer Tornado Cash, swapping it for Bitcoin (BTC), sending theBitcoin to Tornado Cash, and then cashing out at exchanges. However, the group recently moved away from such techniques after the U.S. Department of Treasury imposed sanctions on Tornado Cash wallet addresses.

Chainalysis explains that in response, Lazarus Group hackers switched to, perhaps ironically, laundering the stolen crypto via cross-chain bridges on legitimate decentralized finance platforms. "With Chainalysis tools, these cross-chain funds movements are easily traced," the firm wrote, pointing to one transaction where hacked funds were bridged to the BNB Chain from Ethereum, then swapped for Tron's stablecoin USDD, and then finally bridged to the BitTorrent blockchain.

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Law enforcement recovers $30 million from Ronin Bridge hack with the help of Chainalysis
 

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