Hackers steal $622 million in Ethereum crypto from Axie Infinity

This is straight out of a James Bond movie!

The crypto money was being stored in connection to a video game where players can earn cryptocurrency.

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Axie Infinity, are a video game company, they are the producers of the video game connected to the cryptos players can earn. Axie Infinity have been hit hard by this crypto heist.

The hackers stole the crypto money in March 2022. And the Federal Bureau of Investigation (FBI) believe North Korea government is behind this huge crypto hacking theft.

Can the crypto money be recovered?

The US Treasury Department has sanctioned the wallet or cryptocurrency address connected to the hackers; these are named as follows; ‘Lazarus Group’ and ‘APT38’.

But it’s unclear whether the funds are still in the wallet or crypto address.

Or how the US govt can stop any transfers to other wallets. Once the funds start moving around, it’s going to be near impossible to track all that crypto as it filters into the inviable blockchain.

In my view it’s near on impossible to recover the funds.

As of the date of writing (15 April 2022) Crypto experts involved in transaction tracking believe at least 20% of the stolen crypto has already been transferred to other wallets.

Therefore the stolen crypto is in the process of being laundered.

How did the hackers do it?

Sky Mavis believe the hacker/s used hacked private keys to forge fake withdrawals.

What does North Korea do with stolen crypto?

The United Nations believe North Korea are on a mission to steal cryptocurrencies to fund their missile programme. The UN has been investigating crypto theft through hacking by the North Korea govt for some time.

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