Axie Infinity Ronin Network Hacked: PHP 32.45B Stolen As A Result

Axie Infinity Ronin Network Hacked: PHP 32.45B Stolen As A Result


UPDATE: With Sky Mavis’ statement saying that they “are working with law enforcement officials, forensic cryptographers, and investors to make sure all funds are recovered or reimbursed.


(ORIGINAL ARTICLE): The game Axie Infinity has risen to global fame due to so many success stories springing from its play-to-earn mechanics. With the system employing cryptocurrency, it takes pride in its financial system’s lack of regulation which is both a strength and a weakness. We’ve heard of small-time thefts before in the crypto space, but how does it look like if it happens to one of the largest P2E platforms around? Unfortunately, this question was answered: Axie Infinity was hacked – or more precisely, the Ronin network that the game uses to bridge to other cryptocurrencies, leading up to losses of $625 million USD or PHP 32.45B. Ouch.

The Ronin network acts as a bridge to other cryptocurrency chains, allowing some inter-connectivity between different crypto networks like Ethereum.

This could all be attributed to events that occurred a few months ago. Sky Mavis, the developer of the hit game Axie Infinity, requested help from the Axie DAO to distribute free transactions in order to lighten up the overall load. After all, the game has an enormous active player base. One thing led to another and hackers were able to procure allowlist signatures from the system. This gave them free rein over 4 of Ronin’s node validators and 1 third-party Axie DAO.

According to the Ronin Blockchain website, they’ve added the number of validators necessary to continue a transaction from 5 to 8. Considering how much clamor this entire situation is likely to get, these platforms are likely to cooperate with the cryptographers and law enforcement officials already on the case.

The team has also confirmed that only ETH and USDT deposits are affected; AXS, SLP, and RON are safe. In addition, the majority of the funds remain in the attacker’s address and have not been transferred out as of yet. We’re worried that this might set a precedent to speed up crypto regulation policies, but we’ll have to find a workable middle ground with the authorities so that we can still expect their help when situations such as these arise.

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