Hackers steal $625 million in cryptocurrency using a video game | world | Dr..

Hackers stole more than $600 million in cryptocurrency from the digital ledger used by internet users for the popular game Axie Infinity, in one of the biggest thefts of its kind revealed on Tuesday (03.29.2022).

Global interest in cryptocurrencies has soared along with their value, but the money they represent has also become an attractive target for cunning thieves.

Ronin Network, a cryptocurrency network linked to Ethereum that specializes in games, said that the attack on its blockchain generated 173,600 Ether and $25.5 million in stablecoin, a digital asset pegged to the US dollar.

The loot was initially valued at $545 million at the time of the March 23 theft, but according to prices, it was already around $625 million on Tuesday, making it one of the largest thefts in crypto history.

“Most of the hacked funds are still in the hackers’ wallet,” Ronen said in the post that exposed the theft.

The team at Sky Mavis, developer of the game Axie Infinity, discovered the security breach on Tuesday when it unsuccessfully tried to remove ehter, according to the company. Ronen is still investigating the attack, but he said the hackers obtained private “keys” to withdraw digital funds.

“We know that trust must be earned, and we use all the resources at our disposal to implement the most sophisticated security measures and processes to prevent future attacks,” Ronen said.

In Axie Infinity, players participate in battles and get rewards that can be exchanged for cryptocurrency or cash.

To play, you must purchase at least three hubs, which are NFTs (non-fungible tokens) and they are stored in the immutable blockchain or digital ledger.

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Anyone who owns Axies can buy, sell, or rent them to other players. Owners can also “breed” them to create new hubs of more value.

gs (afp, Reuters)

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