Crypto

Fed Recovers $30 million in Stolen Crypto Thanks to Chain Analysis

A joint effort by the US government and blockchain firm Chainalysis has resulted in the recovery of around $30 million in stolen cryptocurrencies. The effort showcases that crypto can and will be subject to greater scrutiny and concerted investigative efforts between the government and private institutions. Advancements in blockchain analysis are key to increasing security in a field that has already seen $1.3 billion hacked away by bad actors in 2022 alone.

According to Chainalysis, 30$ million was recovered from the prominent hacking squad Lazarus, which is thought to operate with the North Korean government’s blessing (the US specifically says the group acts under North Korea’s Reconnaissance General Bureau). The recovered funds were part of the $625 million siphoned from popular NFT game Axie Infinity, whose Ronin sidechain was hacked earlier this year. Adjusting for the cryptocurrency price downtrend since the hack, the recovered $30 million only amounts to 12% of the stolen crypto assets. 

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