CryptoKitties, an Ethereum-based game that lets you collect and breed digital cats that can be traded for cryptocurrency tokens or other in-game items, was hacked earlier this week. The hackers managed to steal a total of $527 million worth of the company’s ether coins which are used as currency within CryptoKitties.
The “metaverse shib” is a type of game that lets players create their own worlds. The metaverse shib was hacked and crypto worth over half a billion dollars was stolen from the game’s developers.
This wonderful Wednesday morning, we welcome you with some schadenfreude: The creators of the massively exploitative pay-to-earn job/game Axie Infinity have reportedly had their network hacked for $625 million in crypto (ether and USDC) — maybe the largest crypto breach ever.
According to Ronin Network, the hacker(s) took advantage of a backdoor created by Vietnamese company Sky Mavis unintentionally last year, enabling them to grab control of enough validators to “forge bogus withdrawals,” which they subsequently did.
Investigators have been following a tiny fraction of crypto moving via “conventional” crypto exchanges rather than a “mixer” service, meaning it could potentially be frozen and barred from cashing out into real money, according to Gizmodo. The attacker still has the bulk of the monies, which have not yet been laundered.
Ronin says it’s “working directly with various government agencies to ensure the criminals get brought to justice” and has paused use of Ronin bridge – including withdrawals from the network – to “ensure no users’ funds are lost.” As of this morning, a Sky Mavis co-founder said its security personnel are in the middle of a “deep forensics review” and that the studio is “committed to ensuring that all of the drained funds are recovered or reimbursed.”
Axie Infinity is one of the most popular blockchain online games on the market, having risen to financial prominence last year because to a play-to-earn strategy that costs large amounts up front and exploits needy players in tiny economies all over the globe.
In any case, Ronin Network’s own coin isn’t performing that well.
The “shib gaming” is a company that has been hacked for losing $500,000 worth of crypto. The hackers stole the cryptocurrency from P2E Axie Infinity.
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