Tech

Hackers steal $615 million in cryptocurrency from Ronin

Blockchain project Ronin said Tuesday that hackers stole nearly $615 million worth of cryptocurrency from its systems in what would be one of the largest cryptocurrency heists of all time.

The project said unidentified hackers stole around 173,600 ether tokens and 25.5 million USD coin tokens on March 23. At current exchange rates, the stolen funds are worth $615 million, but at the time of the attack they were worth about $540 million.

According to blockchain analytics firm Elliptic, this is the second largest crypto theft of all time.

Ronin is used to power the popular online game Axie Infinity, which uses non-fungible tokens (NFTs) and is the largest NFT collection by sales volume ever, according to NFT market tracker CryptoSlam.

Ronin said in a blog post that the hacker used stolen private keys — the passwords needed to access crypto funds — to get away with the funds.

Ronin said it discovered the hack on Tuesday. “We are working directly with various government agencies to ensure the criminals are brought to justice,” it said, adding that they are in discussion with Axie Infinity to ensure no user funds are lost.

Axe Infinity
Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity.
Courtesy of Axie Infinity
The Ronin incident is the second largest crypto theft of all time.
The Ronin incident is the second largest crypto theft of all time.

Ronin users cannot withdraw or deposit funds on the network, it said.

Ronin did not immediately respond to a request for comment sent via Twitter. It said it is working with major blockchain tracker Chainalysis to track down the stolen funds. Most of the funds are still in the hacker’s digital wallet, Ronin said.

Hacks have long plagued crypto platforms.

Jump Trading’s cryptocurrency arm announced last month that it had repaid more than $320 million to crypto platform Wormhole after the decentralized finance side was hit by one of the largest crypto heists of all time.

Bitcoin
Ronin said someone used stolen private keys — the passwords needed to access crypto funds — to get away with the funds.
Future release via Getty Imag

Last August, hackers behind what is arguably the biggest heist of digital coins returned almost all of the over $610 million they stole from DeFi site Poly Network.

In 2018, around $530 million worth of digital tokens were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars in crypto.

Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not provide contact details on its website. It did not immediately respond to a request for comment sent via LinkedIn.

https://nypost.com/2022/03/29/hackers-steal-615-million-in-cryptocurrency-from-ronin/ Hackers steal $615 million in cryptocurrency from Ronin

JACLYN DIAZ

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