Ronin network, an Ethereum sidechain has been used by the hackers to transfer the stolen assets from Ethereum to the Bitcoin network. They have used Bitcoin privacy tools to transfer out the stolen funds as a means to hide their identity. However, it has been suspected that the Ronin hackers are from the North Korean cybercrime group.
Initially, the Ronin network was hacked in March where the attackers transferred around $625 million worth of USDC and ETH, which is Ethereum-based cryptocurrency known as Tornado Cash. The hackers made it difficult for the investigators to trace the movement of the funds.
Accordingly, the security investigators have found that the hackers withdraw the funds from the Tornado Cash and then they sent around $20.7 million to the centralized exchanges (CEXs) like Binance, Huobi, and FTX. Afterwards, the remaining funds were send to the North Korean cryptocurrency named Blender.
The Ronin network particularly, is built for Axie Infinity and it allows users to transfer the assets between the sidechain and the Ethereum Bitcoin blockchain.
