Axie Infinity’s $615 million crypto hack

[loveurself420]

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

[Yaunfitda]

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

[milewilda]

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

For sure it would be banned as well, just like on what Binance had done.
https://www.coindesk.com/business/2022/03/30/binance-suspends-deposits-and-withdrawals-on-ronin-network-after-hack/

They suspend Deposits and withdrawals of Ronin network.Dont know if hacker do able to make some cashouts on FTX and crypto.com
but most likely they might able to block it depending on their responsiveness to the issue.

[Ludmilla_rose1995]

the theft they do is not small, I'm sure the related CEX developers (FTX and Crypto.com) will definitely be willing to help axie infinity. I'm sure this won't have a big impact on Axie Infinity because after all this is a disaster.

[MidNite36]

This hacker is a greedy fellow, how the hell is he going to get away with this large amount of money? Many tried this in the past they end up giving up the money, there is no way you can escape with a huge amount of money like this.

[ijeb]

Even with that Axie will still grow in terms of active players. A lot of users are earning good money from the game and it is more like a real full time job.
The developers are about to release the next version of the game offering free Axies for the new users which will make it a real play to earn game.

[ryzaadit]

-snip-

Tornado Cash ~XD

But, he cannot do it once. Need to doit a several times with a small fund, so not easy to be tracked. Yes big money hard to laundry that money, by the way 615$ Million is really big. If the hacker want to do some profit for him self, he can simple use that money for pumped some coin and he using his own money to buy the token before the pump.

I believe with that money can make the market of the target token/coin is up.

[d3nz]

Hackers have stolen cryptocurrency worth almost 620 USD million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

For sure it would be banned as well, just like on what Binance had done.
https://www.coindesk.com/business/2022/03/30/binance-suspends-deposits-and-withdrawals-on-ronin-network-after-hack/

They suspend Deposits and withdrawals of Ronin network.Dont know if hacker do able to make some cashouts on FTX and crypto.com
but most likely they might able to block it depending on their responsiveness to the issue.

As long as they reimbursed the people who got affected by this hack, the good thing is that they are only doing their best to resolve this case. Hopefully, this will not happen again in the future and provide more security.

And providing updates regarding the investigation of this case.

https://twitter.com/Ronin_Network/status/1509623624583585792?s=20&t=7Ts7JAf4KklIf09uQJIJ3w

[erep]

Can they get to hackers identity and bring them to justice?

I have reviewed the transfer of hacker funds on exploit wallets 3 directing deposits to FTX, I believe if FTX can freeze funds from hacking reports or can reveal the identity of hackers trying to withdraw fiat to local bank accounts.

Hackers will leave wallets to look for opportunities on exchanges with privacy rules for anonymous withdrawals, maybe there is no such exchange as many exchanges already require KYC for members.

[jossiel]

How it gonna affect axie infinity?

The trust will be gone from many.

Can they get to hackers identity and bring them to justice?

I hope so and they've said that they're already working with major exchanges for which the hacker has sent those funds that have been robbed from them.

Just wait and wish them all the best if there's a probable good news that shall come from them and if they can recover a huge part of that hacked funds.

[ije07]

Ronin continues to update and currently Ronin has provided the last update and we hope to get good results for the development of this project so that something like this does not happen again, and this is the update that has been given from Ronin to date regarding the current situation.

https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=r

[vv181]

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify.

Which address does it contain the CEX pathway?

As long as they reimbursed the people who got affected by this hack,~

How do they gonna reimburse the victim though? by printing more tokens or something?

Can they get to hackers identity and bring them to justice?

If follow the official statement, they are involving many centralized entities like an exchange, blockchain analysis company, and also law enforcement, if there is a loophole in how the attacker designates the attack, then it will likely be identified. But if they managed it carefully, I believe the probability is small.

[poodle63]

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

Yeah that shows how amateur axie developer is. They do know if their protocol got hacked a week after that happened. They are very amateur in keeping the security of blockchain. 

How it gonna affect axie infinity?

This gonna give a long term impact to the axie. When the hacker was sending to the tornado and this will be the end for axie. Axie must reimburse all of its ethereum owners. The foundation must used its token to give it back to the investors and im sure they will be liquidating it.

Can they get to hackers identity and bring them to justice?

The good thing is if axie hacker has ever used centralized exchange site for that. This is the only chance for axie foundation to recover the lose.

[Ryker1]

Well if the disabling withdrawal and deposit of Ronin in a centralized exchange or any exchange that listed Ronin will be a great help to the Axie team.
That could give a huge impact on the price once all Ronin that has been hacked will be sold, we hope that hackers don't have an option to move this Ronin and we should be thankful for centralized exchange because they collaborate with the situation. Sometimes centralized exchange has a true use when it comes to a scenario like this, and decentralized don't have.

[KennyR]

Well if the disabling withdrawal and deposit of Ronin in a centralized exchange or any exchange that listed Ronin will be a great help to the Axie team.
That could give a huge impact on the price once all Ronin that has been hacked will be sold, we hope that hackers don't have an option to move this Ronin and we should be thankful for centralized exchange because they collaborate with the situation. Sometimes centralized exchange has a true use when it comes to a scenario like this, and decentralized don't have.

Yes, it is easy to see a discussion on which is better. Whether it is the DEX or CEX. Both have got its good and bad out of it. When it comes to CEX, this kind of blocking the withdrawal and deposit of the respective funds moved by the hackers. In this case, such a big hack will completely disturb the market. For now its developers said

We are “currently working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.”

[Maus0728]

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

This was already an issue in March 28 after they disclosed it on discord and they already are making actions ever since they noticed the hacking. AFAIK all the crypto trading platforms that the hackers used even the Binance team will help Skymavis retrieve the stolen funds. It wouldn't really affect the game itself in short term since the stolen funds isn't SLP or AXS (which is their P2E token and Governance token respectively) and the funds where from the Bridge (mostly USDC already from the bridge users). Can they get it back? Yes, since the address used and involved in the hacking is already frozen in all platforms and even on the ETH network itself. They will just need to take it back from the hacker.

With the Origins getting closer to be available for PC users, I don't think the incident would even dent their progress in P2E ecosystem. As long as they did all precautionary measures, then they're fine.

[bitkanu]

Im a bit surprised that to see that happened with ronin bridge. The security is so weak. How is it possible for more than 150k ethereum getting drowned from the ronin bridge to the hacker's wallet. Even the hacker has been withdrawing bunch of USDC to his local bank account. The team was starting to trace the hacked by working with some centralized exchange site for that. This is good to see that the team was know at the late game and it gives more possibilities for the hacker to receive all of their funds on his cex account.
This time hacker will be jailed for sure. The cex can know the real identity from the hacker.

[Eternad]

Im a bit surprised that to see that happened with ronin bridge. The security is so weak. How is it possible for more than 150k ethereum getting drowned from the ronin bridge to the hacker's wallet. Even the hacker has been withdrawing bunch of USDC to his local bank account. The team was starting to trace the hacked by working with some centralized exchange site for that. This is good to see that the team was know at the late game and it gives more possibilities for the hacker to receive all of their funds on his cex account.
This time hacker will be jailed for sure. The cex can know the real identity from the hacker.

Are you new in cryptocurrency? Hacking the bridge of a certain network is not new and there’s still know vulnerability on this matter due to its nature of token wrapping. This hacking incident is same with Poly Network which is a multi network platform (Bridge) which hacker successfully steal worth of 611M USD. The CEX just respond quickly that’s way the hacker was forced to return it to the team. In case, the hacker might use mixer to getaway some part of the money which will be very hard to track.

[kojektea]

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

I don't know if this news is the truth or deliberately playing with Axie's price because so far the AXS coin and SLP token are doing well, no big impact, they remain stagnant at a stable price.

If this is true, of course it will have a bad effect on the game and the Axie Infinity project itself, everyone will be hesitant to invest and play here, but they are pretty stable at the moment.

If it's an attack from hackers, it's certainly not easy to find, even experienced people can't necessarily find out who attacked the project, this usually happens due to errors or data leaks from the developer himself.

[ItsCrafty]

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

I wonder that this high stolen Axie did not put any impact on AXS price and still trading on 72$ with an 18% increase in 24 hours. Axie did very well previously and their early users made a decent profit. Slp price is very low from Ath but overall progress is good.
I think they will get hackers soon if they go deep into this matter and this kind of hacker should be brought to justice to avoid future hacking.