Hackers steal over $600 million from creators of Axie Infinity, one of the largest cryptocurrency heists
The haul was worth $545 million when it was stolen on March 23, but it is now worth around $615 million based on Tuesday's prices, making it one of the largest crypto thefts ever.
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FollowHackers stole over $600 million in cryptocurrency from a digital ledger used by players of the popular online game Axie Infinity in a major digital cash heist revealed on Tuesday.
Cryptocurrency interest has risen, as have its values, however, the money has also become a tempting target for tech-savvy thieves.
As per Ronin Network, the attack targeting its blockchain netted 173,600 ether and $25.5 million in stablecoin, a digital asset pegged to the US dollar.
The haul was worth $545 million when it was stolen on March 23, but it is now worth around $615 million based on Tuesday's prices, making it one of the largest crypto thefts ever.
After revealing the theft, Ronin stated that most of the hacked funds are still in the hacker's wallet.
As per the company, the security breach was discovered on Tuesday after a user was unable to withdraw ether from the Sky Mavis team, creators of battle and trading game Axie Infinity.
However, Ronin was still investigating the hack; he stated that hackers obtained private keys to withdraw digital funds.
Ronin stated that they are aware trust needs to be earned and use every resource at their disposal to deploy the most refined security measures and processes to prevent future attacks.
They have collaborated with law enforcement, forensic cryptographers, and investors to ensure that no user funds are lost.
In Axie Infinity, players engage in battles with colourful blob-like Axies and are primarily rewarded with "Smooth Love Potion" (SLPs), which can be exchanged for cryptocurrency or cash or invested back into the game's virtual world Lunacia.
Following the Sky Mavis, approximately 35 per cent of Axie Infinity traffic, the majority of its 2.5 million daily active users, originate in the Philippines, where high English proficiency, a strong gaming culture, and widespread smartphone usage have driven its success.
To begin playing the game, players must first purchase at least three Axies. An Axie is an NFT, a unique, non-fungible token with distinct capacities and features. Similar to NFT pieces of art, they are stored on the blockchain, a digital ledger that cannot be changed.
Axies could be purchased, rented, or sold to other players. Owners can also breed them to produce new Axies with higher value.
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