On March 29, it was recorded the biggest robbery in history in the cryptocurrency sector; A hacker managed to steal more than 600 million dollars (mdd) from the popular game Axie Infinity.
The situation occurred last Wednesday, March 23, when the hacker infiltrated Ronin (the support that drives the game and allows transactions to be carried out); to commit the robbery, “hacked private keys” were used, with which The person responsible took advantage of a vulnerability in the service, falsifying the transactions and stealing the funds.
Although the situation was generated last Wednesday, the company responsible (Sky Mavis) did not find out about the problem until yesterday and it was then that issued a press release in which noted that 173,600 Ethereum and 25.5 million USDC were stolen, meaning that the value of cryptocurrencies amounts to 625 million dollars.
The company found out after a user reported that he was unable to withdraw 5,000 ethers via the Ronin bridge; the bridge is nothing more than a smart contract that allows cryptocurrency transfers to be executed.
So far, the attack is still being investigated. However, the company assured that the hacker obtained private “keys” to withdraw the digital funds.
1/4 @Ronin_Network update
Been an intense 36 hours
Been working with the Sky Mavis board and key cybersecurity personnel to get a complete overview of the situation
Our internal network is currently going through a deep forensics review to ensure there is no lingering threat
— Psycheout – Aleksander | Axie Infinity (@Psycheout86) March 30, 2022
To counteract the current one and prevent future fraud, Axie Infinity informed that it is implementing new measures and more sophisticated security processes; in addition to collaborate with judicial officials, forensic cryptographers and investors to ensure that user funds are not lost.
‘Axie Inifity’, is a video game developed by the firm Sky Mavis and is famous for its ‘play-to-earn’ model.); players can collect and create non-fungible tokens (NFTs) that are represented by these digital pets called Axies, which the user he can “raise” them and prepare them to “fight”.