$600 million crypto hit

600 million crypto hit 0 w3uRa9Rk

Hackers have carried out one of the largest crypto attacks to date, stealing close to $600 million worth of cryptocurrencies from a blockchain network affiliated with the popular online gaming platform Axie Infinity.

It was stated that 173,600 Ether and 25.5 million USDC tokens were stolen from the platform by attacking computers named node, which is controlled by Sky Mavis and Axie Dao, and which converts tokens in the network for use in another network and supports the tool called “Ronin Bridge”. .

According to the statement, the system was hacked on March 23, but this was noticed on Tuesday. The attack in question was the latest to mark the “bridges” open to trouble. The computer code for many of these bridges is thought to be mostly unchecked, and hackers take advantage of vulnerabilities they have identified.

Bridges are generally known as unknown platforms by whom and how they are managed, but it is stated that there are still thousands of bridges in use and people transfer hundreds of millions of dollars in this way.

“Structures should be established to monitor illegal transfers”

Wifred Daye, head of Securitize Capital, said, “The fact that no one noticed this incident for six days is that illegal transfers It clearly demonstrates the need to create some structures to follow up.”

The price of Ronin, a token used by the Ronin blockchain, dropped 22 percent after the announcement of the event. It was observed that AXS, used by Axie Infinity, lost around 11 percent in value.

Ronin, in his blog on the subject, stated that he is working with major crypto Exchanges and Chainanalysis, which specializes in blockchain tracking, and that they are also collaborating with law enforcement. According to the blockchain crime firm Elliptic, the stolen funds were transferred to two crypto exchanges.

Huobi tweeted that they would “give full support to Axie Infinity after the attack”, while the head of the FTX exchange, Sam Bankman-Fried, announced in an e-mail that they would help with criminal investigation. Binance Holdings Ltd. and OKX made similar statements, adding that they were working on some clues with Binance security forces.

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