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Hackers have stolen nearly $615 million worth of cryptocurrency from a blockchain project linked to the popular online game Axie Infinity, the latest electronic world to hit the digital asset sector. Ronin, a blockchain network that allows users to transfer crypto in and out of the game, said Tuesday that the theft occurred on March 23 but was only discovered about a week later.
Here’s what you need to know about Ronin HEIST.
CRYPTO is a big deal now, isn’t it?
In fact. Bitcoin and other digital currencies have exploded in public opinion in recent years, with major investors embracing the sector in droves during the COVID-19 pandemic. The sector is now worth more than $2.1 trillion. With the influx of funds, the amount of hacks and thefts that have long plagued cryptocurrencies has increased.
And how does ronin fit?
Ronin is used in Axie Infinity, one of the most popular online games in the world that includes cryptocurrency. Its products include a digital wallet for storing cryptocurrency, and a “bridge” that allows users to move funds in and out of the game. This is where the cryptocurrency was stolen from. Ronin takes its name from samurai warriors in feudal Japan who did not serve any particular lord. “It represents our desire to take the fate of our products into our own hands,” Axie Infinity said in a blog post.
Vietnam-based Sky Mavis, which launched Axie Infinity in 2018, did not respond to multiple requests for comment. Ronen also did not respond to Reuters messages.
“It’s one of the biggest breakthroughs in history and we are fully committed to continuing to build,” Axie Infinity co-founder Jeffrey Zerlin said at a conference on Tuesday.
How did the tremor happen?
Hacker Ronin used stolen private keys – the passwords needed to access crypto funds – Ronin said in a blog post, after targeting computers connected to his network that help confirm transactions.
Ronen said it discovered the hack on Tuesday and is working with “various government agencies to ensure that criminals are brought to justice.”
The identity of the hackers is still unclear.
And AXIE INFINITY?
Axie Infinity says it has 2.8 million daily active players, with about $3.6 billion previously traded on its market, making it one of the most popular online games based on the blockchain.
The events take place in a fantasy world, where players can collect, trade and play virtual creatures called Axies, which are traded in the form of non-fungible tokens (NFTs) and sold for hundreds of thousands of dollars.
It is the largest NFT brand by sales of all time, according to market tracker CryptoSlam.
The game has attracted venture capital funding, raising $152 million in October from investors including Andreessen Horowitz.
Axie and other “play to earn” games allow players to spend cryptocurrency and earn cash rewards, and their popularity has skyrocketed in the past year, as the frenzy in the NFT world has prompted investors to speculate in the hope of big returns.
Where is the lot now? Are users affected?
Most of the stolen funds are still in the digital wallet available for viewing. Blockchain Intelligence Group, a Vancouver-based crypto tracker, said the hackers moved a small amount of funds to major exchanges FTX, Crypto.com and Huobi.
Huobi said it is investigating the hack and is communicating closely with Axie Infinity. FTX and Crypto.com did not immediately respond to requests for comment. Ronen said in a blog post that Sky Mavis is “committed to ensuring that all spent money is refunded or compensated,” without giving details. She added that making sure there was no loss of money “is our top priority”.
She said she is working with the main blockchain tracker Chainalysis to track the stolen funds. Chainalysis declined to comment.
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