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Biggest crypto Heist : Hackers steal over $600 Million

In a crypto heist, hackers stole cryptocurrencies worth more than $600 million from blockchain company Ronin Systems.

In one of the biggest crypto heists, hackers stole cryptocurrency worth almost $615 million from blockchain company Ronin systems, the company said in a blog post on Tuesday. Unidentified hackers stole around 173,600 Ether tokens and 25.5 million USD Coin tokens on March 23, it said. At current exchange rates, the stolen funds are worth about $615 million.

The popular Axie Infinity game, which uses the non-fungible token (NFT) named AXS, is powered by the Ronin blockchain. “We’ve received some questions regarding a recent unlock of AXS tokens from the vesting contract. This was done by Axie Infinity so we could deposit AXS to Ronin Network before pausing the bridge. A part of that AXS will be going to winners in Season 20. We are here to stay,” Axie Infinity tweeted.

Ronin in its blog post said that the hacker had used stolen private keys and the passwords needed to access crypto funds to make off with the funds. However, “most of the hacked funds are still in the hacker's wallet”, Ronin said in the post.

The decentralized nature of crypto platforms, added with the ofttimes inexperience of the developers of those platforms, leaves plenty of vulnerabilities inside the code for hackers to exploit. Since 2011, there have been 226 hacking incidents—not including the “Axie Infinity" hack—that have led to the theft of $12.1 billion, research firm Crystal Blockchain estimates.

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Written By- Shriyansh Jain

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