Økokrim and US FBI recover $5.7M from Ronin cyber attack, showcasing international collaboration against virtual theft.
Chainalysis aids in tracing illicit transactions, ensuring transparency in $5.7M asset recovery.
15% of restored funds cover operation costs, with 85% directed to Axie Infinity treasury, bolstering trust in the gaming community.
The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has successfully frozen and restored $5.7 million in stolen assets linked to the Ronin bridge cyber attack. This achievement marks a milestone in combating cybercrime within virtual economies.
Today we received some exciting news from the Norwegian government and Økokrim.The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has successfully frozen and returned 5.7 M USD in stolen assets from the Ronin bridge…
— Sky Mavis (@SkyMavisHQ) June 7, 2024
Økokrim, US FBI, a group of lawyers, and financial experts collaborated to ensure the feasibility of recoveries. This demonstrated that there is need for international cooperation in terms of prevention and solving of more complex threats affecting virtual economies.
Moreover, the involvement of blockchain forensic teams, notably Chainalysis, played a crucial role in tracing and verifying the illicit transactions, ensuring transparency and accountability in asset recovery processes.
Allocation and Future Steps
15% of the recovered funds will be allocated to cover the operational expenses incurred during the recovery operation. The remaining 85%, will be channelled into the Axie Infinity treasury, reinforcing financial stability and trust within the affected gaming community.
Despite the successful recovery, challenges remain as law enforcement authorities continue to manage and recover approximately $40 million USD in frozen assets from related investigations. The timeline for the retrieval of these assets remains uncertain, pending further developments and legal proceedings.
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