May 25, 2022

Crypto gaming giant Axie Infinity, who was brought in last year with a16z $3 billion valuation, is already going through a terrible week, only to find out this morning.

An Ethereum-linked ronin sidechain in the popular play-to-earn game was used for 173,600 Ether, or roughly $597 millionand $25.5 million in USDC stablecoin. Oddly enough, the exploit occurred six days earlier on March 23, but was not discovered until March 29, the Ronin developers shared in the post.

According to DeFiYield REKT, the current value of this hack is around $625 million, making it the largest decentralized finance hack ever. database, which tracks scams, hacks, and DeFi exploits. This feat surpassed the largest in Poly Network history in September 2021 at $602 million.

ronin Specially designed as a side chain to support Axie Infinity. Axi Infinity is one of the most well-known Ethereum compatible earning games and it has grown significantly in 2021. The “aggressive target” of 250,000 users was originally supposed to be reached at the end of last year, but this has been raised to over 1,000% with a community of around 2.9 million usersI

The hack occurred on two transactions, one for ether and for others USDC, according to the Etherscan network. He wrote that the attacker used compromised private keys to forge fake records. “We discovered the attack this morning following a report from a user who was unable to receive 5k ETH from the bridge.”

The team said it is “working with various government agencies to bring those responsible to justice.”

Ether and USDC deposits on Ronin were excluded from the interim contract, but the network is working with stakeholders from Axi Infinity and its parent company. maviso sky To determine the best step forward so that no user funds are irretrievably lost, the post says. “All AXS, RON and SLP models [tokens] Ronin is safe now.”

Sky Mavis was unavailable for further comment at the request of gaming-updates.

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