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Viktor Kniš
March 30, 2022, 10:18am
Reading time: 1:26

The Biggest Cryptocurrency Theft in History? Hackers Stole Half a Billion Euros From a Gaming Platform

The blockchain platform Ronin, on which the Axie Infinity game operates, had the cryptocurrencies ethereum and the USD coin with a total value of more than $ 615 million in its wallets.

Viktor Kniš
March 30, 2022, 10:18am
Reading time: 1:26
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The Biggest Cryptocurrency Theft in History? Hackers Stole Half a Billion Euros From a Gaming Platform
Zdroj: Unsplash.com/Kanchanara, Axie Infinity
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The recent theft of 173,600 cryptocurrency ethereum tokens and another $ 25 million in cryptocurrency USD coin is probably the biggest blockchain fraud in history. Although hackers stole the cryptocurrencies last week, the price of etherea has climbed significantly higher over the past seven days, bringing the absolute value of the theft from the Ronin platform to $ 615 million today.

 

This enormous amount was stolen from the platform system last Wednesday, informs CNN. The victim of the hack was Axie Infinity, in which players use their non-fungible tokens (NFT) to earn additional passive income. Axie is a so-called pay to earn game, where players earn money by interacting on the platform. According to the official report, the Ronin platform is currently negotiating with Axie Infinity on how to ensure user safety.

 

 

 

They will also work to track down stolen cryptocurrencies, although in a blockchain network it is much more difficult to associate a specific "account" with the owner. Until cryptocurrencies hackers convert to cash, they can theoretically remain 100% anonymous. The analytical company Chainalysis, which specializes in tracking the flow of cryptocurrencies, assists with the hacker attack.

 

This is the biggest theft in history, if we look at the current value of the cryptocurrency ethereum, which formed a substantial part of the loot. Another well-known case of crypto theft is from last year, when the cryptocurrency platform Poly Network lost $ 610 million. The hacker later returned stolen cryptocurrency.

 

The culprit is still unknown, even though it has been seven days.

 

Almost all the money is still in the hacker's wallet, which can be easily traced on the Etherscan platform, which consolidates all the accounts held by the owners of the cryptocurrency ethereum. If a hacker does anything with the money, the platform will immediately record the change and it is then possible to monitor the flow of money.

 

In these exceptional circumstances, Etetherscan labeled the wallet as "exploit". In the case of minor hacker attacks on users' wallets, it does not use this label.

 

Source: Etherscan

 

 

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Thumbnail: Unsplash.com/Kanchanara, Axie Infinity
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