The Blockchain Underlying NFT Game Axie Infinity Got Hacked for $625 million

One of the most popular blockchain video games, Axie Infinity, was targeted by hackers who stole over $600 million worth of cryptocurrency. Coins were transferred between the game and the blockchains using a network called the Ronin network.
An Axie Infinity breach was verified in a blog post by Sky Mavis, the same business that owns Axie Infinity, six days earlier than previously reported by Reuters.
According to Ronin’s blog post, the hackers made off with 173,600 Ether and 25.5 million dollars in USDC. Axie Infinity’s Twitter account also verified the incident. Chainalysys, a blockchain tracking business, has been hired by Ronin to trace the stolen assets.
After-effects of the hack
After the breach was made public, the value of Ron, a token in use on the Ronin blockchain, plummeted by 22%. Tokens used in Axie Infinity, such as AXS, have had their value drop by around 8.5%, according to data from CoinMarketCap.
With the help of major crypto exchange and blockchain tracker Chainalysis, Ronin claims to be keeping tabs on the movement of the stolen assets in its blog. Law enforcement officials have also been mentioned by Ronin. No comment from Ronin was returned immediately.
According to blockchain forensics company Elliptic, the stolen crypto was sent to two bitcoin exchanges. As many as a dozen exchanges recognized the theft but did not confirm that any cryptocurrency had been transferred to the new accounts.
About Axie Infinity
Axie Infinity is a virtual world populated with Pokémon-like animals known as Axies, who are the focus of the game.
While playing, users may raise and combat digital monsters known as “axies” tied to nonfungible tokens, similar to Pokemon-style video games (NFTs).
In the game, players may earn cryptocurrency, which they can then swap for real money on a variety of cryptocurrency exchanges.
According to Business Insider India, Axie Infinity processed NFTs worth $3.5 billion in 2021. Axie Infinity’s long-term viability is in doubt due to the game’s economics, which may require the purchase of new players.
***
 

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,572.84
ethereum
Ethereum (ETH) $ 3,185.64
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.41
solana
Solana (SOL) $ 155.11
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.550881
staked-ether
Lido Staked Ether (STETH) $ 3,184.63
dogecoin
Dogecoin (DOGE) $ 0.158882
the-open-network
Toncoin (TON) $ 5.63
cardano
Cardano (ADA) $ 0.513629
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.77
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,558.83
bitcoin-cash
Bitcoin Cash (BCH) $ 513.16
polkadot
Polkadot (DOT) $ 7.43
tron
TRON (TRX) $ 0.112378
chainlink
Chainlink (LINK) $ 15.47
near
NEAR Protocol (NEAR) $ 7.01
internet-computer
Internet Computer (ICP) $ 14.91
matic-network
Polygon (MATIC) $ 0.734075
litecoin
Litecoin (LTC) $ 84.81
uniswap
Uniswap (UNI) $ 8.16
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 0.999732
blockstack
Stacks (STX) $ 3.12
aptos
Aptos (APT) $ 9.97
ethereum-classic
Ethereum Classic (ETC) $ 28.15
mantle
Mantle (MNT) $ 1.20
first-digital-usd
First Digital USD (FDUSD) $ 1.00
render-token
Render (RNDR) $ 9.24
filecoin
Filecoin (FIL) $ 6.55
crypto-com-chain
Cronos (CRO) $ 0.131198
immutable-x
Immutable (IMX) $ 2.40
cosmos
Cosmos Hub (ATOM) $ 8.86
bittensor
Bittensor (TAO) $ 516.23
stellar
Stellar (XLM) $ 0.117116
okb
OKB (OKB) $ 54.90
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,215.32
hedera-hashgraph
Hedera (HBAR) $ 0.089033
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.042115
kaspa
Kaspa (KAS) $ 0.128509
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.299689
dogwifcoin
dogwifhat (WIF) $ 2.79
maker
Maker (MKR) $ 2,849.76
optimism
Optimism (OP) $ 2.52
fetch-ai
Fetch.ai (FET) $ 2.45
injective-protocol
Injective (INJ) $ 28.20