Finance

US Treasury links three more Ethereum wallets to $625 million Ronin hack

The Ronin network exploit happened in March and saw 600 million of Ethereum (ETH) and25 million in USDC stolen.

The US Treasury’s Office of Foreign Asset Control (OFAC) has sanctioned three other Ethereum wallets linked to the recent Ronin network hack.

The new addresses were connected to North Korean hacking group Lazarus, OFAC said Friday.

OFAC revealed the addition of the three virtual currency addresses via an update to its Specially Designated Nationals (SDN) list released on April 22. All three have ties to the activities of the North Korean state-sponsored hacker group Lazarus Group.

Notably, recent fund movements related to the three wallets involve proceeds from the exploit on the Ronin blockchain.

The DPRK has relied on illicit activities like cybercrime to generate revenue while trying to evade US and UN sanctions,” tweeted the US Treasury.

The agency warned that transactions with designated wallet addresses” risked exposing themselves to US sanctions “.

Wallet addresses listed by OFAC are “blocked”

The addition of the three wallets comes just days after the department linked the Lazarus Group to the 625 million heist.   On Friday, the originating address used in the attack transferred funds to various addresses using Tornado Cash, a mixing service that makes transactions difficult to trace.  The decentralized protocol, which makes Ethereum transactions private, <a rel="nofollow noopener" href="https://twitter.com/TornadoCash/status/1514904975037669386" target="_blank"><u>announced</u></a>  on April 15 that it would block all crypto wallets added to the OFAC list.   Tornado Cash reiterated that financial privacy remains `` <em>essential to preserve</em> » financial freedom.  However, privacy should not be sought at the "cost of non-compliance", he added.   In related developments, Binance reportedly recovered5.8 million in funds stolen during the hack. According to Binance CEO Changpeng Zhao, the hackers sent the funds to 86 accounts.

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