Hackers Steal Over $600 Million from Maker of Video Game Axie Infinity

Hackers stole assets worth over $600 million from the blockchain network that supports the popular video game Axie Infinity, becoming one of the largest crypto hacks of all time.

Hackers breached the Ronin Network, a blockchain service developed by Sky Mavis, the Vietnam-based publisher of Axie Infinity, and stole about $625 million worth of ethereum and USD coin (USDC).

Ethereum is a cryptocurrency based on blockchain technology like bitcoin, while USDC is a so-called stablecoin with a value pegged to the U.S. dollar.

In a statement on March 29, Ronin Network said that hackers have compromised private keys used to validate transactions beginning on March 23.

The attackers used the hacked private keys to forge fake withdrawals, the company said.

Ronin Network discovered the attack on March 29 morning when a user reported that they were unable to withdraw funds.

Most of the stolen funds are still in the hackers’ wallet, the company said.

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

Ronin Network also said that they have paused activity on networks that allow players to convert assets in Axie Infinity “to ensure no further attack vectors remain open.”

“The bridge will be opened up at a later date once we are certain no funds can be drained,” the company said.

Changpeng Zhao, the Chief Executive of Binance, one of the largest cryptocurrency exchanges, said on Twitter that they were working with Axie Infinity to trace the stolen funds.

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