‘Money Heist’: How North Korean Hackers Stole $625 Million in Cryptocurrency from US Ronin Network

Washington: The United States has accused North Korean hacker group Lazarus of stealing $625 million in cryptocurrency from the Ronin network, owned by developer group Sky Mavis.

The FBI also attributed the Lazarus group to the Ronin security breach as the US Treasury Department updated the sanctions to include the address of the wallet that received the funds and attributed it to the Lazarus group.

“We are still adding additional security measures before redeploying the Ronin Bridge to mitigate future risks. Expect the bridge to be deployed by the end of the month,” Ronin Network said in a statement.

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

The bridge allows users to transfer funds between other blockchains and Axie Infinity and has been blocked since the cyberattack.

“We expect to deliver a full post-mortem that will detail the security measures in place and next steps by the end of the month,” the crypto network added.

In one of the biggest decentralized finance (DeFi) breaches to date, hackers stole $625 million worth of cryptocurrencies from Ronin in March.

Blockchain platform and operator Axie Infinity Sky Mavis admitted to the security breach, saying that 173,600 Ethereum and 25.5 million USDC (a cryptocurrency pegged to the US dollar) had been drained from the Ronin Bridge in two transactions.

“The attacker used hacked private keys to forge fake withdrawals. We discovered the attack after a report of a user unable to withdraw 5k ETH from the bridge,” Ronin Network had said in a statement.

The company has temporarily suspended the Ronin Bridge to ensure that no other attack vectors remain open.

In January this year, hackers stole $120 million worth of crypto tokens from blockchain-based decentralized finance (DeFi) platform BadgerDAO. Several crypto wallets were depleted before the platform could stop the cyberattack.

In December last year, cybercriminals stole a cryptocurrency worth $80 million from Qubit Finance, a decentralized finance (DeFi) platform.