Hackers stole more than $600 million worth of cryptocurrency from a digital ledger used by Internet users of the popular game Axie Infinity, in one of the largest thefts of its kind revealed on Tuesday (03.29.2022).
Global interest in cryptocurrencies has skyrocketed along with their value, but the money they represent has also become an attractive target for cunning thieves.
Ronin Network, an Ethereum-linked cryptocurrency network specializing in gaming, said the attack targeting its blockchain generated 173,600 ether and $25.5 million in stablecoin, a digital asset pegged to the US dollar.
The loot was initially valued at $545 million at the time of the robbery on March 23, but according to prices it was already around $625 million on Tuesday, making it one of the largest heists in the history of the cryptocurrencies.
“Most of the hacked funds are still in the hacker’s wallet,” Ronin said in the post revealing the theft.
The team at Sky Mavis, developer of the game Axie Infinity, discovered the security breach on Tuesday when it unsuccessfully tried to remove ehter, according to the company. Ronin is still investigating the attack, but said the hackers obtained private “keys” to withdraw digital funds.
“We know trust must be earned and we are using all the resources at our disposal to implement the most sophisticated security measures and processes to prevent future attacks,” Ronin said.
In Axie Infinity, players participate in battles and receive rewards that can be exchanged for crypto or cash.
To play you must buy at least three Axies, which are NFT (non-fungible tokens) and are stored in a blockchain or unchangeable digital ledger.
Whoever owns Axies can buy, sell or rent them to other players. Owners can also “breed” them to create new Axies with more value.
gs (afp, reuters)