$625 million in Ether stolen in one of the biggest crypto heists
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The Ronin blockchain, which underpins the famous crypto game Axie Infinity, has had $625 million worth of cryptocurrency stolen.
Sky Mavis, the CEO of Ronin and Axie Infinity, announced the hack on Tuesday and halted all transactions on the Ronin bridge, which allows users to deposit and withdraw funds from the company's blockchain.
Sky Mavis claims it's collaborating with law authorities to recover 173,600 Ethereum (now valued at over $600 million) and 25.5 million USDC (a cryptocurrency tied to the US dollar) from the perpetrator, who removed the funds off the network on March 23rd.
Also read | India: 30% tax on profits from cryptocurrency assets from April 1
The hack targeted Sky Mavis' Ronin network, which acts as a middleman between Axie Infinity and other cryptocurrency blockchains such as Ethereum.
Users could deposit Ethereum or USDC into Ronin, then buy non-fungible tokens or in-game currency, or sell their in-game assets and withdraw the funds.
According to Sky Mavis, an attacker compromised the network nodes that validate transactions to and from the Ronin blockchain by using pirated private security keys.
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As a result, the attacker was able to withdraw substantial amounts of Ethereum and USDC in a stealthy manner.
Another user attempted to withdraw 5,000 Ethereum using the bridge today, nearly a week after the transfer was found.
Watch | Will India's crypto tax rules scare away investors?
Second biggest Crypto hack ever
Based on the value of Bitcoin at the time of the attack—approximately $540 million—this is the second-largest hack ever.
According to Elliptic, only a $600 million attack on blockchain-based platform Poly Network in August was larger; that money was eventually recovered when a slew of crypto exchanges and blockchain firms began tracing and identifying clues on the blockchain.
(With inputs from agencies)