In what's believed to be the second biggest crypto heist, hackers had allegedly breached gaming-focused blockchain platform Ronin Network last week and extracted cryptocurrencies now valued at over $600 million, as per the company announcement.?
The breach reportedly happened on March 23rd 2022 but was only discovered yesterday.
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In a blog post, the Ethereum linked blockchain platform wrote ¡°There has been a security breach.¡± Ronin is the platform for the?non-fungible token-based video game Axie Infinity.
According to the company, 173,600 ether tokens and 25.5 million USD coins worth nearly $620 were drained from its platform after an attacker used hacked private keys to forge two fake withdrawals last week, as reported in Forbes.
The platform discovered the attack yesterday after a user reported being unable to withdraw 5,000 ether tokens, worth $17 million, from the network on Tuesday morning.
In an email, Tom Robinson, Chief scientist at blockchain analytics firm Elliptic, pointed out the heist was the second-biggest hack ever, based on the value of the cryptocurrency at the time of the attack, i.e.about $540 million, as per Forbes.
Only a $600 million hack of blockchain-based platform Poly Network in August 2021 is larger, according to Elliptic. Those funds were ultimately retrieved after a slew of crypto exchanges and blockchain firms started tracking identity clues on the blockchain.
As per Los Angeles Times, the Ronin network said in a newsletter that it¡¯s in touch with major cryptocurrency exchanges, law enforcement and blockchain tracer Chainalysis to monitor the movement of the stolen funds.?
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