Axie Infinity Loses $600 Million in one of the Biggest Crypto Heist Ever.

One of the biggest hacker heists to date took place against crypto gaming where the hackers took off with $600 million. The victim this time is the biggest success story of blockchain crypto gaming; Axie Infinity.

Axie Infinity Loses $600 Million - Hack Attack
Axie Infinity Loses $600 Million – Hack Attack

Crucial

As Sky Mavis explains, the unknown attacker was able to breach Sky Mavis’ systems and gain full access to four validator nodes that the company controls. The attacker was then able to use a leftover backdoor in those nodes to gain control of another validator controlled by the decentralized Axie DAO.

The news surfaced when the gaming-focused blockchain Ronin Network announced that Axie Infinity exploits allowed a hacker to “drain” approximately $600 million worth of cryptocurrency from the network.

“There has been a security breach on the Ronin Network,” the statement by the company read. “Earlier today, we discovered that on March 23rd, Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions,” the statement continued.

The heist was done using hacked private keys to initiate fake withdrawals and the rest was explained by the company. Hackers hacked the validator nodes of the Ronin Bridge. According to Ronin, “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

The game runs on the computers known as nodes operated by the creators of Axie Infinity, Sky Mavis. The hackers attacked the Ronin Bridge and stole 173,600 Ether and 25.5 million USDC tokens in just two transactions.

The breach in the network took place on March 23rd but the authorities came to know about it yesterday.

The bridge which lets people convert tokens into cryptos that can be used on other networks was attacked by the hackers. This unfortunate and one of the biggest crypto heists has once again raised questions on the security concerns of bridges.

The codes that run on bridges are often unaudited making it easier for hackers to exploit them.

Moreover, the overall processing and functionality that takes place in a ‘bridge’ are replete with questions.

Axie Infinity Loses $600 Million - Hack Attack
Axie Infinity Loses $600 Million – Hack Attack

Identities of validators who initiate transactions on bridges remain anonymous. Despite insecurity and several questions about a bridge’s working, hundreds and thousands of bridges out there where valuable cryptocurrency is present.

After the hack, Ronin blockchain’s token also lost its value and took a hit of 22%. AXS token of the game Axie Infinity dropped by 8.5%.

Gaming News - Video Game Consultant - Reinout te Brake
Gaming NewsVideo Game ConsultantReinout te Brake

Gaming News Of Video Game Consultant;

Every day the latest video game news about the gaming industry. Video games news on NFTs (non-fungible tokens, NFT, NFT’s) , Play to Earn (P2E/Play-to-Earn), crypto games and crypto currencies, gaming guilds, Metaverse, VR, AR, AI, Virtual Worlds, Avatars, Digital Assets, In-game digital currencies, Web3 development, Blockchain based video games and its transactions and payments in the games.

Entertainment and all the big tech companies and technology behind it. Hyper Casual Games and the game studio’s that lead the way. Mobile games, PC games and Console Games and their vision on cloud gaming, streaming, esports and gamer communities. Online digital entertainment like movies, music, concerts, art and top brands such as fashion and much more that connect with video games in the metaverse.

If you want to stay up-to-date of my daily game news, then follow me on Google News.