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Blockchain project behind Axie Infinity hit by $615 million crypto heist

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Tom Wilson and Elizabeth Howcroft, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A bitcoin icon is diplayed during President Nayib Bukele" s="" announcement="" about="" the="" bitcoin="" city="" project="" that="" will="" work="" in="" eastern="" El="" Santa="" Maria="" Nov.="" Rodrigo="" EPA-EFE="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/03/30/20220330-bitcoin-epa.jpg"/><figcaption>A bitcoin icon is diplayed during President Nayib Bukele&#x27;s announcement about the bitcoin city project that will work in eastern El Salvador, in Santa Maria Mizata, El Salvador, Nov. 21, 2021. <em>Rodrigo Sura, EPA-EFE/File</em></figcaption></figure></div><p>LONDON - Blockchain project Ronin said that hackers stole cryptocurrency now worth almost $615 million from its systems, in what would be one of the largest cryptocurrency heists on record.</p><p>The project said that unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens. At current exchange rates, the stolen funds are worth $615 million, but they were worth some $540 million at the time of the attack.</p><p>This makes it the second-largest crypto theft on record, according to blockchain analysis firm Elliptic.</p><p>Ronin is used to power the popular online game Axie Infinity, which uses non-fungible tokens (NFTs) and is the biggest NFT collection by all-time sales volume, according to NFT market tracker CryptoSlam.</p><p>Ronin said in a blog post that the hacker had used stolen private keys - the passwords needed to access crypto funds - to make off with the funds.</p><p>Ronin said it had discovered the hack on Tuesday. </p><p>&quot;We are working directly with various government agencies to ensure the criminals get brought to justice,&quot; it said, adding that it was discussing with Axie Infinity how to ensure no users&#x27; funds were lost.</p><p>Ronin&#x27;s users are unable to withdraw or deposit funds on the network, it said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/02/15/22/life-changing-or-scam-axie-infinity-helps-philippines-poor-earn">&#x27;Life-changing&#x27; or scam? Axie Infinity helps Philippines&#x27; poor earn</a></li>	<li><a href="https://news.abs-cbn.com/business/08/27/21/what-is-axie-infinity-how-do-you-earn-from-it">What is the Axie Infinity game? How do you earn from playing it?</a></li></ul><p>Ronin did not immediately respond to a request for comment sent via Twitter. It said it was working with major blockchain tracker Chainalysis to trace the stolen funds. Most of the funds are still in the hacker&#x27;s digital wallet, Ronin said.</p><p>Hacks have long plagued crypto platforms.</p><p>The cryptocurrency arm of Jump Trading said last month it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record.</p><p>Last August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network. </p><p>In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.</p><p>Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not give contact details on its website. It did not immediately respond to a request for comment sent via LinkedIn.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/12/21/260-m-in-stolen-funds-returned-to-crypto-platform">Hackers return $260 million to cryptocurrency platform after massive theft</a></li>	<li><a href="https://news.abs-cbn.com/business/08/23/21/crypto-platform-says-hacked-funds-returned">Crypto platform Poly Network says hacked funds returned</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/E00Ru2ovehU?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Blockchain project Ronin said hackers stole cryptocurrency now worth almost $615 million, in what would be one of the largest cryptocurrency heists.

Blockchain project behind Axie Infinity hit by $615 million crypto heist

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Blockchain project behind Axie Infinity hit by $615 million crypto heist

Tom Wilson and Elizabeth Howcroft,

Reuters

Published March 30, 2022 11:21 AM PHT

|

Updated March 30, 2022 12:58 PM PHT

Read More:

Project Ronin

cryptocurrency

crypto heist

Axie Infinity

NFT

blockchain

games

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