The Crypto world faces one of the biggest ever cryptocurrency heists as hackers steal over $600 million

Hackers stole crypto worth more than $600 million from a digital ledger used by players of the famous online game Axie Infinity, in a huge digital cash heist disclosed on Tuesday.

Interest in crypto has surged, along with its values, but the money has also become a lucrative target for tech-savvy thieves. Ronin Network said the attack aiming at its blockchain netted $25.5 million worth of stable coins and 173,600 ether. The haul was estimated at $545 million when it was stolen on March 23, but was worth about $615 million based on prices Tuesday, making it one of the biggest heists ever in the crypto space.

Ronin said that majority of the hacked funds are still in the wallet of the hacker. The team at Sky Mavis, creator of trading and battle game Axie Infinity, discovered the security breach on Tuesday after a user was not able to withdraw ether, as per the firm.

Ronin was still investigating the hack but said that hackers accessed the private ‘keys’ to withdraw digital funds. Ronin said that they know trust needs to be earned and are utilizing all resources at their disposal to deploy the most complex security measures and processes to halt future attacks.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

Leave a Reply

Your email address will not be published.