Norway Claws Back $5.7M From Biggest Crypto Hack Ever: Here's What Happened
Portfolio Pulse from Aniket Verma
Norwegian law enforcement has recovered $5.7 million in cryptocurrency assets stolen in the 2022 Ronin Network hack, the largest crypto hack ever. Sky Mavis, the creator of the platform, announced the recovery, with 85% of the funds to be deposited into the Axie Infinity treasury.
June 10, 2024 | 8:46 am
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NEUTRAL IMPACT
BNB Chain, along with Ethereum, was one of the most attacked chains, accounting for 62% of total losses across major chains. The recovery of stolen assets on the Ronin network may indirectly benefit BNB by highlighting the importance of security measures.
While the news is more directly related to Ethereum, the emphasis on security measures could have a neutral to slightly positive impact on BNB as well.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Ethereum, the blockchain on which Ronin operates, was the most targeted by hackers in May 2024, accounting for nearly 43% of total losses. The recovery of $5.7 million in stolen assets is a positive development for the network.
The recovery of stolen assets is a positive development for Ethereum, as it shows effective law enforcement and security measures. This could boost investor confidence in the network.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
USDC was one of the cryptocurrencies stolen in the Ronin Network hack. The recovery of $5.7 million in stolen assets is a positive development for the stablecoin, reinforcing its security and reliability.
The recovery of stolen USDC assets is a positive development, reinforcing the stablecoin's security and reliability, which could boost investor confidence.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60