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15-04-2022|Crypto

The United States blames Lazarus, a North Korean hacker outfit, of stealing $625 million in cryptocurrency.

The United States has implicated North Korean hacker group Lazarus for stealing $625 million in cryptocurrencies from Sky Mavis' Ronin Network.

The US Treasury Department upgraded sanctions to include the wallet address that received the payments and attributed it to the Lazarus gang, which the FBI has linked to the Ronin security breach.

"To reduce future risk, we're still working on implementing further security measures before redeploying the Ronin Bridge. By the end of the month, the bridge should be operational "Late Thursday, Ronin Network issued a statement.

Axie Infinity is a popular non-fungible token (NFT) game that uses the Ronin Blockchain platform.

Since the cyber attack, the bridge that allows users to move funds between other blockchains and Axie Infinity has been shut down.

"By the end of the month, we expect to deliver a complete post-mortem that will describe security measures put in place and next actions," the crypto network stated.

In March, hackers stole cryptocurrency worth $625 million from Ronin in one of the largest decentralised finance (DeFi) hacks ever.

Sky Mavis, the Blockchain platform and operator of Axie Infinity, acknowledged the security compromise, claiming that the Ronin bridge was emptied of 173,600 Ethereum and 25.5 million USDC (a cryptocurrency pegged to the US dollar) in two transactions.

"In order to fabricate false withdrawals, the attacker exploited hacked private keys. After a user reported being unable to withdraw $5,000 in ETH from the bridge, we uncovered the attack "In a statement, Ronin Network claimed.

The Ronin Bridge was briefly suspended by the corporation to guarantee that no other attack vectors remained available.

Hackers stole crypto tokens worth $120 million from BadgerDAO, a Blockchain-based decentralised finance (DeFi) platform, in January of this year. Before the site could stop the cyber attack, some crypto wallets were drained.

In December of last year, cyber hackers stole $80 million in cryptocurrency from Qubit Finance, a decentralised finance (DeFi) network.

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