Hackers Steal $600 Million in One of the Biggest Crypto Heists of All Time

In an attack on the popular video game Axie Infinity, Hackers stole over $600 million in cryptocurrency from the Ronin Network.

On Tuesday, the game company’s executives made a statement claiming it is one of the largest crypto thefts ever. In two transactions, the hackers drained the Ronin Bridge of 173,600 ETH and 25.5 million USDC tokens.

Last Wednesday, March 23, the theft happened when hackers infiltrated Ronin, the underlying blockchain that powers the game. Sky Mavis, the developers who run Axie Infinity and Ronin, said they discovered the breach the following Tuesday.

The company shared a community alert saying, “There has been a security breach on the Ronin Network. We are working directly with various government agencies to ensure the criminals get brought to justice.”

The Ronin heist highlights the security concerns for the decentralized market. $2.3 billion was stolen from DeFi platforms in 2021 alone, up 1,330% from the previous year.

“The fact that nobody notices for six days screams aloud that some structure should be in place to watch illicit transfers,” said Wilfred Daye, head of Securitize Capital.

The good news is they have been able to trace the stolen assets to the hacker’s digital wallet. Kelvin Fitcher, the Ethereum developer, discovered that some of the stolen Ethereum had been deposited into accounts on the crypto exchange FTX. 

FTX Founder and CEO Sam Bankman-Fried announced on Twitter that their team is investigating. 

Since the theft announcement, the Ronin Network’s native cryptocurrency, Ronin (RON), has fallen 21% from $2.30 to $1.80 per coin.

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