Hackers Steal More Than US$600 Million From Axie Infinity
One of the biggest crypto heists in history.
In what could be the biggest virtual heist in history, hackers have stolen about US$625 million in cryptocurrency from the popular NFT video game Axie Infinity, the game company's executives revealed earlier this week.
Crypto-thefts are on the rise as of late, but this security breach is one of the most high-profile cases to date. According to the Washington Post, hackers broke into part of Ronin, the underlying blockchain that powers the game.
The infiltration reportedly took place last Wednesday, but Sky Mavis, which runs both Axie Infinity and Ronin, only discovered the breach earlier this week (Tuesday).
“There has been a security breach on the Ronin Network,” the company said in its recent newsletter. “We are working directly with various government agencies to ensure the criminals get brought to justice.”
The hackers managed to steal some 174,000 ETH, the currency associated with the Ethereum blockchain, and almost 26 million in USDC. Collectively, the two are currently worth about US$625 million. USDC is a stablecoin where its value is pegged to the US dollar.
Following the hack, trading in Axie Infinity was suspended. Fans and observers have since raised questions about whether the hack would make companies and players think twice before investing in or playing play-to-earn games.
Sky Mavis, however, brushed aside concerns the hack would disrupt its activities.
“We are here to stay,” Axie Infinity said in a Twitter post shortly after news of the hack broke.
