Norway Returns Stolen Crypto Assets to Sky Mavis

about 1 month ago

You can also read this news on COINTURK NEWS: Norway Returns Stolen Crypto Assets to Sky Mavis

Developments in the cryptocurrency market continue to attract attention. According to a post on social media platform X by the blockchain company Sky Mavis behind the popular online game Axie Infinity, Norway returned nearly $6 million worth of crypto assets stolen in a $620 million hack in 2022.

Sky Mavis Team Issues Statement

Sky Mavis thanked the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime for freezing, recovering, and returning $5.7 million of the stolen crypto assets. They also expressed gratitude to the FBI in the U.S. for their tireless efforts in tracking and recovering these assets.

The popular blockchain game Axie Infinity pioneered the play-to-earn concept when it was released in 2020, allowing people to earn money by playing video games. For those in developing countries, playing the game could earn them more than the local minimum wage. It attracted millions of players, some of whom made a living from the game. At its peak, the game became a cultural phenomenon.

Notable Details About the Process

Later in early 2022, the game’s tokens lost most of their value due to a larger crypto crash, the daily number of players decreased, and the Ronin blockchain on which it was built was hacked by North Koreans in one of the largest cyber heists. The Sky Mavis team wrote in their post about these developments:

“About 15% of the recovered assets will be used to cover the costs and expenses of those involved in the recovery efforts, including the blockchain forensics firm Chainalytics, lawyers, and accountants.”

The remaining 85% of the recovered funds will be deposited into the Axie Infinity treasury. The company also reminded that approximately $40 million worth of separate assets were frozen by law enforcement, but the recovery time for these assets is uncertain.

The post first appeared on COINTURK NEWS: Norway Returns Stolen Crypto Assets to Sky Mavis
Related News