This is a major achievement as the Norwegian government has recently managed to retrieve the amount of $5.7 million that was stolen through the notorious Ronin Bridge cyber attack. This recovery operation coordinated by Økokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, is a turning point in the fight against cybercriminal activities affecting virtual economies, including blockchain-based games such as Axie Infinity.
One of the biggest cyber attacks in the crypto industry to date was the Ronin Bridge hack, where hackers stole about $612 million worth of tokens. The hackers aimed at nodes belonging to Sky Mavis and Axie DAO, which are the main components of the bridge responsible for the token swaps within the Ronin network. The breach led to the loss of 173,600 Ether, and 25.5 million USDC in two transactions.
Axie Infinity’s developer, Sky Mavis has also revealed the recovery of $ 5.7 million of these stolen funds. Recovery was a group process that involved global law enforcement, legal advice, financial specialists, and blockchain forensic groups, with Chainalysis and the FBI as key players.
The recovery process confirmed that significant resources and specialists are required for its completion. From the total amount of funds recovered, approximately 15% will be spent on the costs of recovery, which include expenses for police, lawyers, auditors, and blockchain investigators. The rest 85% will be sent to the Axie Infinity treasury as it will add more strength in future threats and protect the community interest.
Besides, the $5.7m was subsequently recovered, and another $40m in assets were also seized by the police about the same cyber attack. These funds are being sought to be recovered but no timeline has been given for it as such operations are very challenging.
The Ronin Bridge hack exposed some of the issues that are common with blockchain bridges, which are usually not audited for code and the processes they follow, let alone the validators they employ. This has also made people more conscious of the fact that there is a need for very firm security measures and that the crypto industry has to be very open.
However, the Ronin network is slowly coming back from the hack which was a setback for the organization. The price of Ronin (RON) has risen by 66% year to date with current prices hovering around $3.07. This recovery indicates a certain amount of regained confidence in the network. However, there are still some issues.
The recovery of $5.7 million recovered from the Ronin Bridge cyber attack is a great achievement in the war against cybercrime. As stated by CoinGabbar, It proves that global cooperation between law enforcement agencies, lawyers, and blockchain specialists can be efficient. As the process of recovering the rest of the frozen assets goes on, this case is a good example of why the crypto industry needs to have proper security measures.
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