Hackers Steal $620 Million in Massive Gaming Crypto Heist
The attack exploited a weakness in the blockchain that runs the popular NFT game 'Axie Infinity.'
The Ronin Network, a blockchain system that runs the massive NFT game Axie Infinity, announced in a blog post that hackers stole about $625 million worth of funds.
In a message to its community, Ronin officials wrote in part:
"There has been a security breach on the Ronin Network. Earlier today, we discovered that on March 23rd, Sky Mavis's Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions."
Hackers are believed to have exploited a security weakness in the Ronin bridge, which is software that allows users to convert tokens into ones that can be used on other blockchains. The stolen funds are fully on display in the hacker's wallet.
The Ronin Network says it is working with law enforcement officials, forensic cryptographers and internal investors to protect user funds. They report, "All of the AXS, RON, and SLP on Ronin are safe right now," and went on to explain that at the moment, users will be unable to withdraw or deposit funds to Ronin Network.
Axie Infinity is an incredibly popular NFT-based game that has generated $1.3 billion in the 12 months through February, reports Bloomberg. Communicating to Bloomberg via text, Aleksander Leonard Larsen, chief operating officer of the gaming studio Sky Mavis, explained, "We are fully committed to reimbursing our players as soon as possible." He added, "We're still working on a solution, that is an ongoing discussion."Crypto heists are nothing new. Chainalysis reports that in 2021, hackers stole $3.2 billion in cryptocurrency from investors. This Ronin heist is the largest of 2022, displacing a $325 million theft through the Wormhole bridge in February.
Entrepreneur Editors' Picks
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
3 Signs You're Letting Pride Get in the Way of Being Successful
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.