Ronin Hack Update: Hackers Begin Moving Ethereum Loot – Tracking the Stolen Funds

The aftermath of the Ronin Network hack continues to unfold as hackers begin moving the massive Ethereum loot stolen in the incident. Sky Mavis reported that the Ronin Network, which supports its popular Axie Infinity game, suffered a devastating breach, with thieves making off with 173,600 in Ethereum cryptocurrency, initially valued at $594.6 million.

Following the heist, available data shows that about 173,600 ETH and 25.5 million USDC, worth $600 million and above, have been moved by the hacker in what was described as a calculated attempt to launder the stolen funds. The Ronin Network announced on Tuesday that hackers had stolen more than $600 million worth of Ethereum (173,600 ETH) and $25.5 million of US dollar-pegged stablecoin USDC.

The crypto community is closely monitoring the movement of these funds, tracing transactions and attempting to identify potential points of intervention. After witnessing the biggest scam in cryptocurrency history on the Axie Infinity Ronin bridge, the community is seeing the long process through which the hackers try to obfuscate and ultimately cash out their ill-gotten gains.

Investigations are ongoing, and evidence points towards the involvement of sophisticated actors. Die nordkoreanische Hackergruppe Lazarus ist angeblich für den 622-Millionen-Dollar-Hack von Ronin Network verantwortlich. Diese Ethereum-Sidechain wird v.a. genutzt um Transaktionen im Zusammenhang mit dem Play-to-Earn-Spiel Axie Infinity abzuwickeln. The potential link to a state-sponsored group adds another layer of complexity to the situation.

Stay updated on the latest developments in the Ronin hack and the ongoing efforts to recover the stolen Ethereum. We will continue to provide updates as the hackers attempt to move the remaining Ethereum loot. Track the transactions, analyze the blockchain activity, and understand the implications of this unprecedented cryptocurrency theft.