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Binance Reclaims $5.8 Million from the Ronin Bridge Hack

Binance has recovered $5.8 million worth of tokens stolen from Axie’s Ronin Network late last month. In March, malicious hackers initially ripped off a total of about $600 million. This means more than 99% of the loot yet remains awol. 

Binance Shows Support

The hack of Axie Infinity’s Ronin Network last month resulted in a loss of about 173,000 ETH and 25.5 million USDC. CZ, the CEO of Binance, said on Friday that the hackers, “Lazarus Group” distributed the stolen funds across 86 Binance accounts. The hacker organization is said to have also possibly attacked various cryptocurrency platforms last year, resulting in a $400+ million loss. CZ further noted that Binance had previously assisted the crypto community with hack-related challenges. As a result, he assured me that the exchange was on top of the issue.

Although $5.8 million has been recovered, a large portion of the $600 million remains unrecovered. At the time of writing, the hacker’s wallet address still had about 95,000 ETH left, worth approximately $280 million. A good percentage of the stash lies scattered in much smaller amounts across several wallets.  Moreover, Elliptic, a blockchain analytics firm, reported that the hackers were sending the funds to various crypto exchanges and a privacy dApp, Tornado Cash.

History of Support

This is not the first time Binance is looking to ameliorate the effect of a third-party’s hack. Binance’s recent action might just demonstrate the exchange’s commitment to the crypto industry’s integrity.

Following the exploit, Binance offered to back a $150 million fundraising round for Sky Mavis, creator of Axie Infinity. Several other cryptocurrency exchanges volunteered to help the victim of the hack as well.

In a similar fashion, Huobi Global and the Shiba Inu community-supported BitMart after its hack of $196 million last year. The crypto exchange and the meme token community assisted by strengthening BitMart’s security and monitoring inflows of stolen assets. 

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While attacks of this nature might persist, gestures like Binance’s and Huobi’s are welcome positives for the crypto industry.

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