Hackers steal over USD 615M from network that runs Axie Infinity!

Ronin Network said that hackers stole cryptocurrency worth over USD 600 million from a digital ledger used by players of the popular online game.

File photo: Axie Infinity

Biggest digital cash heist yet

The team at Sky Mavis, maker of battle and trading game Axie Infinity, discovered the security breach after a user was unable to withdraw ether.

The hackers targeted Ronin, a blockchain service run by the owners of Axie Infinity. It is an online game that allegedly attracts around 2 million daily users and sees tens of millions of dollars in daily sales volume. 

To recall shortly, Axie is an NFT or a unique, non-fungible token, with a particular set of abilities and characteristics. Like NFT pieces of art, they are stored on the blockchain or a digital ledger that cannot be changed.

According to the network, the attack targeting its blockchain netted 173,600 ether and USD 25.5 million worth of the stable coin, a digital asset pegged to the US dollar. When the haul was stolen on March 23, it was valued at USD 545M. But as of yesterday, it was worth about USD 615M. 

Ronin Network said that most of the hacked funds are still in the hacker's wallet. The company is still investigating the hack but said that hackers got hold of private "keys" to withdraw digital funds. It added,

We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks. We are working with law enforcement officials, forensic cryptographers, and our investors to make sure there is no loss of user funds.

Axie Infinity creator Sky Mavis said it is committed to ensuring that all of the drained funds are recovered or reimbursed. For now, users are unable to withdraw or deposit funds.  

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Sources: Ronin Network, Inquirer