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Ronin's $615 million crypto heist

Tom Wilson and Elizabeth Howcroft, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A blood donor plays Axie Infinity during a blood-letting activity in Quezon City on March 22, 2022. Mark Demayo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/03/31/20220330-axie-cryptocurrency-hacking-md4.jpg"/><figcaption>A blood donor plays Axie Infinity during a blood-letting activity in Quezon City on March 22, 2022. <em>Mark Demayo, ABS-CBN News</em></figcaption></figure></div><p>LONDON - Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to the popular online game Axie Infinity, the latest cyberheist to hit the digital asset sector.</p><p>Ronin, a blockchain network that lets users transfer crypto in and out of the game, said on Tuesday the theft happened on March 23 but was not detected until almost a week later. Read full story</p><p>Here&#x27;s what you need to know about the Ronin heist.</p><div><strong>CRYPTO&#x27;S A BIG DEAL NOW, RIGHT?</strong></div><p>Indeed.</p><p>Bitcoin and other digital currencies have exploded into public view in recent years, with mainstream investors embracing the sector in droves during the COVID-19 pandemic.</p><p>The sector&#x27;s now worth over $2.1 trillion. As money has poured in, the hacks and heists that have long plagued crypto have also grown also size. </p><div><strong>AND HOW DOES RONIN FIT IN?</strong></div><p>Ronin is used in Axie Infinity, one of the world&#x27;s most popular online games involving cryptocurrencies.</p><p>Its products include a digital wallet for storing crypto, and a &quot;bridge&quot; that allows users to move funds in and out of the game. This is where the crypto were stolen from.</p><p>Ronin takes its name from the samurai warriors of feudal Japan who did not serve any particular lord. The name &quot;represents our desire to take the destiny of our product into our own hands,&quot; Axie Infinity said in a blog post.</p><p>Vietnam-based Sky Mavis, which launched Axie Infinity in 2018, did not respond to multiple requests for comment. Ronin also did not return Reuters&#x27; messages.</p><p>Jeffrey Zirlin, one of Axie Infinity&#x27;s founders, said at a conference on Tuesday: &quot;It is one of the bigger hacks in history and we&#x27;re fully committed to continue building.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/30/22/axie-users-cant-withdraw-assets-as-cyberheist-probed">Axie users can’t withdraw assets from Ronin as cyberheist probed</a></li>	<li><a href="https://news.abs-cbn.com/business/03/30/22/blockchain-project-behind-axie-infinity-hit-by-615-m-crypto-heist">Blockchain project behind Axie Infinity hit by $615 million crypto heist</a></li></ul><div><strong>HOW DID THE HEIST HAPPEN?</strong></div><p>The Ronin hacker used stolen private keys - the passwords needed to access crypto funds - Ronin said in a blog post, after targeting computers connected to its network that help confirm transactions.</p><p>Ronin said it discovered the hack on Tuesday and that it was working with &quot;various government agencies to ensure the criminals get brought to justice&quot;.</p><p>The identity of the hackers is still unclear.</p><div><strong>AND AXIE INFINITY?</strong></div><p>Axie Infinity says it has 2.8 million daily active players, with some $3.6 billion previously traded on its marketplace, making it one of the most popular blockchain-based online games.</p><p>Set in a fictional universe, players can collect, trade and play with virtual creatures called Axies, which are traded in the form of non-fungible tokens (NFTs) and sell for hundreds of thousands of dollars.</p><p>It is the largest NFT brand by all-time sales volume, according to market tracker CryptoSlam.</p><p>The game has attracted venture capital funding, raising $152 million in October from investors including Andreessen Horowitz.</p><p>Axie and other &quot;play-to-earn&quot; games allow players to spend crypto and earn financial rewards. They have surged in popularity in the past year, as a frenzy in the NFT world prompted investors to speculate in the hope of large returns.</p><div><strong>WHERE&#x27;S THE LOOT NOW? AND ARE USERS AFFECTED?</strong></div><p>Most of the stolen funds are still in a digital wallet, which is available to view.</p><p>Blockchain Intelligence Group, a Vancouver-based crypto tracker, said that the hackers had moved a small amount of the funds to major exchanges FTX, Crypto.com and Huobi.</p><p>Huobi said it was investigating the hack and communicating closely with Axie Infinity. FTX and Crypto.com did not immediately responded to requests for comment.</p><p>Ronin said in a blogpost that Sky Mavis was &quot;committed to ensuring that all of the drained funds are recovered or reimbursed,&quot; without giving details. Making sure there is no loss of funds &quot;is our top priority&quot;, it added.</p><p>It said it was working with major blockchain tracker Chainalysis to trace the stolen funds. Chainalysis declined to comment.</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><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1768611	" width="100%"></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>

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to the popular online game Axie Infinity, the latest cyberheist to hit the digital asset sector.

Ronin's $615 million crypto heist

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Ronin's $615 million crypto heist

Tom Wilson and Elizabeth Howcroft,

Reuters

Published March 31, 2022 08:29 AM PHT

Read More:

Ronin

Axie Infinity

cryptocurrency

online game

NFT

bitcoin

crypto heist

decentralized finance

blockchain

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