Cryptocurrency

Hackers Rob $600 Million in Crypto Heist

In one of the largest crypto breaches to date, hackers stole roughly $600 million from a blockchain network tied to the famous Axie Infinity online game.

Hackers have stolen $600 million from a blockchain network that is connected to the Axie Infinity online game. It is one of the biggest cryptocurrency attacks. A computer called nodes operated by Axie Infinity maker Sky Mavis as well as the Axie DAO that support a so-called bridge. This platform helps people in converting tokens into ones that can also be used on another network that was hacked with the hacker draining. This hacking took place on 23 March but was discovered after a few days. Axie Infinity’s Sky Mavis and the Axie DAO’s nodes that support a so-called bridge — software that allows people to convert tokens into ones that can be used on another network — were hacked, with the hacker draining the Ronin Bridge of 173,600 Ether and 25.5 million USDC tokens in two transactions. According to Ronin, the blockchain that powers Axie Infinity, the compromise occurred on March 23 but was first identified on Tuesday.

The attacks basically show that bridges are faced with problems. In general, most of the software is not audited in time which helps hackers to explore vulnerabilities. It is also still unknown how they operate.

The Ronin incident highlights the security vulnerabilities that afflict the decentralized finance, or DeFi, business as a whole. According to a tweet from blockchain analysis firm Chainalysis on Wednesday, $2.3 billion was stolen from DeFi platforms in 2021, up 1,330 percent from the previous year.

According to blockchain forensics firm Elliptic, the stolen assets were sent to two cryptocurrency exchanges. Several exchanges recognized the breach but did not confirm that assets had been transferred.

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