A cryptocurrency startup that runs a popular online game called “Axie Infinity,” said that its Hackers stole cryptocurrency More than 600 million dollars.
Sky Mavis Ltd added that the hackers infiltrated part of the Ronin network, on which the game operates, and gained access to accounts holding the cryptocurrency, stealing 173,600 Ethereum and 25.5 million USDC stablecoin.
“The breach occurred through a method called social engineering, and not due to a technical flaw,” said Alexander Larsen, the company’s chief operating officer and co-founder, according to “The Wall Street Journal”, which was reviewed by Al Arabiya.net.
It is noteworthy that “social engineering” is a set of tricks and techniques used to deceive people into doing something or revealing confidential and personal information.
Social engineering may be used without relying on any technology and relying only on fraudulent methods to obtain private information from the victim.
While users cannot now withdraw or deposit funds into the Ronin network, Larsen said Sky Mavis is committed to ensuring that all stolen funds are recovered or reimbursed.
The scam is the second-largest crypto hack ever, according to the analytics firm Elliptic.
Sky Mavis shared a link showing that the stolen funds are still in the hacker’s wallet.
The company said it was working with analytics firm Chainalysis to track the stolen funds.