Hackers Steal Over $600M In Major Cryptocurrency Heist

Ronin Network said the attack targeting its blockchain netted 173,600 ether and $25.5 million worth of stablecoin, a digital asset pegged to the US dollar.

The haul was valued at $545 million when it was stolen on March 23, but was worth about $615 million based on prices Tuesday, making it one of largest thefts ever in the crypto world.

“Most of the hacked funds are still in the hacker’s wallet,” Ronin said in a post revealing the theft.

Unable to withdraw

The team at Sky Mavis, maker of battle and trading game Axie Infinity, discovered the security breach on Tuesday after a user was unable to withdraw ether, according to the company.

Ronin was still investigating the hack, but said that hackers got hold of private “keys” to withdraw digital funds.

“We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks,” Ronin said.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure there is no loss of user funds.”

In Axie Infinity, players participate in battles using colourful blob-like Axies, and are mainly rewarded “Smooth Love Potion” (SLPs) that can be exchanged for cryptocurrency or cash — or invested back into the game’s virtual world Lunacia.