WASHINGTON (Pakistan Point News / Sputnik - 30th March, 2022) Hackers have stolen about $625 million in cryptocurrency from the Blockchain games platform Ronin that uses the Ethereum cryptocurrency, the company said in a statement.
"There has been a security breach on the Ronin Network," Ronin said in a statement on Tuesday. "Earlier today, we discovered that on March 23rd, Sky Mavis's Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions."
The combined transactions, when converted to Dollars, amount to $625 million.
Ronin supports the popular video game Axie Infinity.
Axie Infinity co-founder Jeff Zirlin discussed the hack on stage during a keynote address at the NFT LA conference on Tuesday. NFT stands for non-fungible tokens,�representing crypto assets that are unique, versus "fungible" assets like Bitcoin and Dollar bills, which are the same in appearance and value for each piece.
"It is one of the bigger hacks in history," Zirlin told the conference.
Last year, an anonymous hacker stole roughly $600 million in cryptocurrency from Poly Network, a decentralized finance network, in what was called the largest crypto heist in history. The hacker later gave it back.
It is not known at present whether Ronin will have a similar opportunity of recovering what it has lost.�
