The Norwegian government has successfully frozen and returned $5.7 million in funds linked to the infamous Ronin (RON) hack in 2022. This vulnerability, which led to a staggering loss of over $600 million, remains the largest DeFi vulnerability in history.
Ronin, an Ethereum sidechain, was developed to support the popular play-to-win web3 game Axie Infinity (AXS) developed by Sky Mavis. The funds were recovered through a coordinated effort involving law enforcement, lawyers, accountants and blockchain criminal firms such as Chainalysis.
The Norwegian National Agency for the Investigation and Prosecution of Economic and Environmental Crimes (Økokrim) played a key role in the recovery of the stolen assets. In a recent post, Sky Mavis expressed her gratitude to everyone involved in the rescue effort, specifically mentioning Økokrim and the FBI in the USA.
Sky Mavis confirmed that 15% of the recovered funds will be used to cover expenses, while the rest will be deposited into the Axie Infinity treasury. They also stated that a separate $40 million worth of assets have been frozen by law enforcement authorities, but it may take some time for these assets to be recovered.
The Ronin attack, which took place in March 2022, was linked to North Korea's Lazarus Group, which is also suspected of other notable attacks, including the $100 million Harmony bridge attack in January 2023. However, Sky Mavis was unable to provide a specific timeline for the return of frozen assets at this stage.
*This is not investment advice.