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Axie Infinity Loses $600 Million

Axie Infinity Loses $600 Million

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Axie Infinity Loses $600 Million in one of the Biggest Crypto Heist Ever.

One of the biggest hacker heists to date took place against crypto gaming where the hackers took off with $600 million. The victim this time is the biggest success story of blockchain crypto gaming; Axie Infinity.

Axie Infinity Loses $600 Million - Hack Attack
Axie Infinity Loses $600 Million – Hack Attack

Crucial

As Sky Mavis explains, the unknown attacker was able to breach Sky Mavis’ systems and gain full access to four validator nodes that the company controls. The attacker was then able to use a leftover backdoor in those nodes to gain control of another validator controlled by the decentralized Axie DAO.

The news surfaced when the gaming-focused blockchain Ronin Network announced that Axie Infinity exploits allowed a hacker to “drain” approximately $600 million worth of cryptocurrency from the network.

“There has been a security breach on the Ronin Network,” the statement by the company read. “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 statement continued.

The heist was done using hacked private keys to initiate fake withdrawals and the rest was explained by the company. Hackers hacked the validator nodes of the Ronin Bridge. According to Ronin, “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

The game runs on the computers known as nodes operated by the creators of Axie Infinity, Sky Mavis. The hackers attacked the Ronin Bridge and stole 173,600 Ether and 25.5 million USDC tokens in just two transactions.

The breach in the network took place on March 23rd but the authorities came to know about it yesterday.

The bridge which lets people convert tokens into cryptos that can be used on other networks was attacked by the hackers. This unfortunate and one of the biggest crypto heists has once again raised questions on the security concerns of bridges.

The codes that run on bridges are often unaudited making it easier for hackers to exploit them.

Moreover, the overall processing and functionality that takes place in a ‘bridge’ are replete with questions.

Axie Infinity Loses $600 Million - Hack Attack
Axie Infinity Loses $600 Million – Hack Attack

Identities of validators who initiate transactions on bridges remain anonymous. Despite insecurity and several questions about a bridge’s working, hundreds and thousands of bridges out there where valuable cryptocurrency is present.

After the hack, Ronin blockchain’s token also lost its value and took a hit of 22%. AXS token of the game Axie Infinity dropped by 8.5%.

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Axie Infinity Loses $600 Million

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Axie Infinity Loses $600 Million

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.