Hackers steal over $600 million from video game Axie Infinity’s Ronin network

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Nishtha Gupta

In one of the largest crypto hacks of all time, Ronin Network, an independent gaming-focused blockchain developed by Axie Infinity publisher Sky Mavis, lost about $625 million worth of two cryptocurrencies named Ethereum and USDC.

Jeff Zirlin, Axie Infinity co-founder, talked about the hack on stage during a keynote address at NFT LA conference. “We realized the Ronin network has been exploited for 173,000 of Ethereum and around 25 million dollars in USDC.” “It is one of the bigger hacks in history,” he added. He vowed to continue building and said, “We believe in a future of the internet that is open and owned by the users.”

Last year, an anonymous hacker pulled out over $600 million in cryptocurrency from Poly Network, a decentralized finance network which was termed the largest crypto heist in history. The hacker later returned it.

Axie Infinity is a successful world wide web game based on blockchain technology in which players use NFT digital pets, called Axies, to interact with the game’s community. Players make their Axies battle other players and then breed new Axies. In the year 2021, the game’s creator had raised $152 million in Series B funding led by Andreessen Horowitz.

According to a blog posted to the Ronin network’s official Substack, the system has paused activity on networks that allow players to convert assets in the Axie Infinity universe. Players who keep digital funds on the Ronin network are unable to make any transactions currently.

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