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Axie Infinity: Hackers steal $625 million from the NFT game’s blockchain platform in the latest scam

This is the second largest crypto heist!

In a very shocking series of events, Sky Mavis’s Ronin Blockchain platform on which their popular game Axie Infinity operates has come forward to reveal that they have just been the victims of a $625 million scam that took place on the 23rd of March but was apparently noticed very recently.

The attacker behind the heist made off with 173,600 Ethereum and 25.5M USDC (a stablecoin pegged to the US Dollar) in 2 transactions from the Ronin bridge, which was then valued at $540 million but has risen in price by now, making it the second-largest heist in crypto history. 

Sky Mavis and Ronin are working with government authorities to track down the criminals

In a community blog, Ronin has said that they’re already working on closing the backdoor that the attackers used to get into the system and they’re working with government agencies to apprehend the thieves.

They’ve also suspended all transactions on the Ronin Network so users will not be able to withdraw or deposit funds. Luckily, since cryptocurrencies leave a paper trail, it has been verified that most of the funds are still in the same wallet and it should be easy to see where all the crypto goes. 

As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats. We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks.

Official statement, Ronin

For anyone who hasn’t heard about Axie Infinity yet, it’s a really popular NFT based game with over 2 million players, Axies valued at hundreds of thousands of dollars, and 3.6 Billion dollars traded on the platform so far. The game has even become a full-time job for many as Sky Mavis is focusing their efforts on recovering or reimbursing the users’ funds.

What are your thoughts on the $625 million scam in the blockchain of Axie Infinity? Let us know in the comments below!

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