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Cryptocurrency thieves nab $600 million in blockchain attack linked to Axie Infinity

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Hackers reportedly stole over $600 million from a blockchain network this past week in one of the biggest hack attacks in the cryptosphere to date. Thieves targeted Ronin Network, the blockchain behind Axie Infinity, a popular online game with roughly 2.5 million monthly users.

Ronin Network said on March 23, 2022, hackers took 173,600 Ether (the second largest cryptocurrency by volume behind Bitcoin), along with $25.5 million in dollar-linked coin known as USDC. The amount was drained in just two transactions, according to the company, which claims the funds are still in the hacker’s cryptocurrency wallet. Ronin Network did not discover the hack until March 29.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed,” Ronin said in a statement.

The heist exposes the vulnerability of blockchain bridges, a tool that allows people to transfer cryptocurrency from one blockchain to the next. Bridges move hundreds of millions of dollars in cryptocurrency despite security holes.

Ronin said the attacker used hacked private keys to forge the withdrawals. No one noticed the missing coin for six days, until a legitimate user reported being unable to withdraw 5,000 Ether from the bridge.

As cryptocurrency becomes more prevalent in society, so does theft. Chainalysis reported that in 2021, $3.2 billion of cryptocurrency was stolen, six times the amount from 2020.

SIMONE DEL ROSARIO: IT’S ONE OF THE BIGGEST HACK ATTACKS IN THE CRYPTOSPHERE TO DATE.

HACKERS REPORTEDLY STOLE OVER $600 MILLION FROM A BLOCKCHAIN NETWORK CONNECTED TO AXIE INFINITY, A POPULAR ONLINE GAME WITH ROUGHLY 2.5 MILLION MONTHLY USERS.

THE BLOCKCHAIN, RONIN NETWORK, SAID HACKERS TOOK THEM FOR 173,600 ETHER – THAT’S THE SECOND LARGEST CRYPTOCURRENCY BEHIND BITCOIN – ALONG WITH 25.5 MILLION IN DOLLAR-LINKED COIN – DRAINED IN JUST TWO TRANSACTIONS.

RONIN SAYS MOST OF THE FUNDS ARE STILL IN THE HACKERS WALLET, EVEN LINKING TO IT IN THE PRESS RELEASE! AND SAY THEY’RE WORKING WITH LAW ENFORCEMENT OFFICIALS TO RECOVER THE POT.

THE HEIST EXPOSES THE VULNERABILITY OF BLOCKCHAIN BRIDGES, A TOOL THAT ALLOWS PEOPLE TO TRANSFER CRYPTOCURRENCY FROM ONE BLOCKCHAIN TO THE NEXT. RONIN SAID THE HACKERS GOT IN THROUGH A BACK DOOR. AND NO ONE NOTICED THE MISSING COIN FOR SIX DAYS.

AS CRYPTOCURRENCY BECOMES MORE PREVALENT IN SOCIETY, SO DOES THEFT. CHAINALYSIS REPORTED THAT IN 2021, $3.2 BILLION WAS STOLEN, SIX TIMES THE AMOUNT FROM 2020.

IN NEW YORK FOR JUST BUSINESS I’M SIMONE DEL ROSARIO.

Hackers reportedly stole over $600 million from a blockchain network this past week in one of the biggest hack attacks in the cryptosphere to date. Thieves targeted Ronin Network, the blockchain behind Axie Infinity, a popular online game with roughly 2.5 million monthly users.

Ronin Network said on March 23, 2022, hackers took 173,600 Ether (the second largest cryptocurrency by volume behind Bitcoin), along with $25.5 million in dollar-linked coin known as USDC. The amount was drained in just two transactions, according to the company, which claims the funds are still in the hacker’s cryptocurrency wallet. Ronin Network did not discover the hack until March 29.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed,” Ronin said in a statement.

The heist exposes the vulnerability of blockchain bridges, a tool that allows people to transfer cryptocurrency from one blockchain to the next. Bridges move hundreds of millions of dollars in cryptocurrency despite security holes.

Ronin said the attacker used hacked private keys to forge the withdrawals. No one noticed the missing coin for six days, until a legitimate user reported being unable to withdraw 5,000 Ether from the bridge.

As cryptocurrency becomes more prevalent in society, so does theft. Chainalysis reported that in 2021, $3.2 billion of cryptocurrency was stolen, six times the amount from 2020.

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