Hackers steal $620 million in crypto from the ‘Axie Infinity’ network

The Ronin Project, a network block chain which supports video game Axie Infinitysuffered a mass piracy which led to the theft of $620 million in cryptocurrencies. The operation is considered biggest cryptocurrency heist to date.

According to a post from sub-stack of the company, the attacker carried out two transactions: 173,600 Ethereum ($594.5 million) and 25.5 million in USDC. To achieve this, he compromised validator nodes and used hacked private keys to falsify withdrawals.

The company discovered the breach this morning, after a user was unable to withdraw 5,000 ETH. Security experts have clarified that the hacker (or group of hackers) used a back door to control the five validators required for a cryptocurrency withdrawal.

“The validation key scheme is configured to be decentralized to limit an attack vector,” Ronin said. Validators check and compare information on the blockchain to ensure it is accurate.

‘Axie Infinity’ is a popular cryptocurrency-based video game

In this case, the attack was directed against the validators of the company Sky Mavis, which distributes Axie Infinity. The online game, considered the largest collection of NFTs in the world, is similar to Pokemon. The main mechanic is to collect small creatures called Axies that can spawn and put them into battle.