US Treasury Department Will Sanction North Korea In Connection With The Ronin Hack

As the world leader in crypto crime, North Korea will be prosecuted by the US Treasury Department for hacking the Ethereum sidechain Ronin, on which the popular money-making game Axie Infinity is run.

North Korea is behind the Ronin hack

The United States Federal Bureau of Investigation (FBI) and the Treasury Department accuse Lazarus Group and North Korea’s APT38 of being responsible for stealing approximately $620 million worth of cryptocurrency from the Ethereum sidechain Ronin.

Approximately 173,600 Ethereum and 25.5 million USDC were robbed when the Ronin Network, the Ethereum sub-chain on which blockchain-based monetization game Axie Infinity runs, was breached on March 23.

Brian E. Nelson, US Secretary of the Treasury, said that during a recent visit to South Korea, Nelson met with representatives of the Korea Financial Services Commission (FSC) and the Financial Intelligence Unit (KoFIU) on Tuesday to discuss digital assets, cybersecurity, and anti-money laundering.

The Treasury Department’s Minister for Terrorism and Financial Intelligence told local media that he discussed ways of future cooperation on sanctions against North Korea.

According to blockchain research firm Chainalysis, the state-backed North Korean hacker group Lazarus stole around US$400 million of digital assets last year.

Reuters news agency cited a United Nations report saying that cyberattacks targeting cryptocurrencies are used to fund the country’s nuclear and ballistic missile programs.

On June 28, Axie Infinity officially reopened the Ronin Bridge and refunded 100% of the damage to the victims.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News