Norway Seizes Stolen Crypto Assets Worth $6M In Axie Infinity Hack

Updated: 20 February 2023

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What – The crypto industry has been battling with issues of hacks for years back.
Why – While some platforms recovered a few stolen funds, most of the assets remained with the hackers.
What Next – Some hacks and thefts in the crypto space have been linked to the notorious North Korean hacker group Lazarus.

One such hack occurred in Axie Infinity. In a recent event, Norway authorities seized some crypto assets stolen in the exploit.

Norway Agency Makes Its Biggest Seizure Of Crypto Assets

Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) disclosed a seizure of $6 million in crypto assets. According to its press release, Økokrim noted that this news seizure is the largest ever made.

Further, the regulator stated that it seized the funds concerning the crypto exploits on Sky Mavis and Axie Infinity, a gaming platform. The notorious North Korean hacking group Lazarus Group attacked the Axie Infinity blockchain-based gaming platform and stole several assets worth millions of dollars.

Last year, the Center for a New American Security (CNAS) warned investors about the Lazarus group. The agency noted that the group grew from a hacking team to a technology-based cybercrime army. According to CNAS, Lazarus has some foreign affiliates and has stolen many crypto assets worth millions of dollars.

The Norwegian agency has been investigating many exploits related to digital assets. It collaborates with some international law enforcement agencies, such as the FBI, in tracking assets from crypto hacks. Its operations include monitoring the trend of stolen funds and preventing hackers from laundering the proceeds of exploits on several legitimate platforms.

Reacting to the recent fund seizure, First Attorney Marianne Bender appreciated the operations of Økokrim. She commended that this’s evidence of the country’s strong stance in fighting crypto-related crime. Also, she noted that the partnership with the FBI is a big credit for Norway’s cooperation with countries.

Bender highlighted the importance for regulators to track crypto activities and stolen funds despite the technological advancement of the attackers. As such, they can confiscate the funds once hackers try to launder them.

North Korean Group Leads In Global Cyber Crimes

North Korea is linked to the majority of attacks in the crypto space. The Lazarus group is rated as the leader in many cyber crimes worldwide.

The blockchain analytics company, Chainalysis reported that the Lazarus group hit a new record in 2022 stealing more crypto tokens than in previous years. The report estimated that the group stole about $1.7 billion in 2022.

According to an FBI statement last year, the Lazarus group was responsible for one of the largest crypto exploits. The group attacked the Ronin Bridge on Axie Infinity and stole ETH and USDC tokens worth almost $600 million.

Also, as per Bloombeg’s report, Elliptic Enterprises, a blockchain analytics firm, revealed another crypto attack by the notorious North Korean group. The group exploited Harmony’s Horizon Bridge and carted about $100 million of digital tokens from the platform.

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