Binance recovered $8.5 million which was associated with the Ronin Bridge exploit

Binance, known as the world's biggest crypto exchange, said that they have successfully recovered $8.5 million that was associated with the Ronin Bridge which was again mentioned as the biggest setback for the cryptos. This news showed the CEO of Binance Changpeng Zhao, who popularly goes by CZ's Twitter account.

The statement states that Cryptonary, Ronin Bridge, an Ethereum sidechain for Axie Infinity users was hacked which resulted in a loss of over 173,600 ETH almost $600 million, and USDC 25.5 million approximately $25.5 million through a defenselessness.

It is reported that these funds were being washed via Tornado Cash. There was no data tracked by the blockchain. There was around 21,000 ETH which was being rolled via Tornado Cash, a slab of the fund deposited on the Binance crypto exchange.

Changpeng Zhao added that these funds were distributed back in over 86 accounts on Binance.

The other recent report by Kripteu Magazine encompassed the point that the actual matter behind this Ronin Bridge hack was the North Korean hacking group, Lazarus.

The Federal Bureau of Investigation (FBI) and the US Treasury Department operated together to track the funds as they were disseminated from Tornado Cash. It is believed by the FBI that the hacks are a great source of revenue for the North Korean government. It is asserted that North Korea is the only one behind these attacks.

Binance is trying to help multiple collaborative program out there who are working to bring together the global community of designers, artists, curators, bloggers, influencers, brands, and buyers one such project is Faith Tribe which can catch a lot of attention.