Axie Infinity’s $615 million crypto hack

[Fredomago]

Just to give an update as I've seen this news lately on what's happening now. The hacker has now sent the hacked Ethereum's on Tornado.cash.
Everyone knows what's it's all about, he's now mixing the hacked funds and it's going to be harder to nearly impossible to trace back where it has went.
Ronin hack proceeds seen headed to Tornado Cash

If the hacker managed to send to Tornado.cash, then that's it, you can say goodbye to this money.
Apparently, the Axie Infinity team was able to negotiate only with centralized sites like Binace and others, but mixers like Tornado Cache seemed untraceable until recently. It seems that there was no case when after the Tornado.cash it was able to track where the cryptocurrency went. In general, a very large-scale hacking, it is better for the Axie Infinity team to start cooperating with law enforcement agencies.

Seems that if hackers already send those money from the mixer there's nothing that the team can do about it, though you are right they needed to coordinate with law enforcement to work with them and trace those hackers behind this hacking incident, else, they will just let those people walk away and enjoy those stolen funds.

Afterwards, they need to work for much strict implementations of their security. It's money/funds that they are protecting and hackers will always be a hacker that will try to breakthrough and empty those wallets.

[Gayong88]

It's not that the price of crypto has gone down due to the $615 million Axie Infinity crypto hack, but the problem of digital crime in crypto is massive meaning that nothing is truly safe in the crypto world even if you use a cold wallet and if I'm not mistaken the CEO of Binance once tweeted about a cold wallet hack, here's the tweet: https://twitter.com/cz_binance/status/1405746170144583686. I hope Axie can rise from this great calamity.

[uneng]

Fortunatelly some funds were moved to FTX, Huobi and Crypto.com. If the accounts which received the funds on those platforms are verified, it will be possible to find potential responsible people for the theft.

However, it's just a possibility, because hackers could have sent part of the funds to random addresses from centralized exchanges to mislead investigations reaching the real authors of this crime.

Important to notice biggest part of the stolen funds remain untouched.

[tabas]

No update about what happened with ethereum that got stolen by the hacker. Im unable withdrawing my ethereum from the ronin and it seems like that there will be no ETA for this. This is the worst thing that happened this year. The team didn't even regularly checking its bridge and its security. 
That shows if they didn't even care with it. I can't withdraw my money and how garbage this team is. Only hype and poor security.

Know if their protocol got hacked after a week is the worst thing.

Yeah, still no update and I think that they intended to do that as they've got the leads already and it will be just a surprise announcement if ever they're able to retrieve parts of it or even if there's no retrieval that has happened.
I guess that they'll do safety measures these times as they've been a victim of neglected that part of their system. For sure that they've already assigned someone for it.

This garbage developers must reimburse our money. What the heck happened with our ethereum will never be returned again. This shit scammer jihoz didn't even care with our money.

How much have you lost? I thought that they're going to refund all of those affected people.

Just to give an update as I've seen this news lately on what's happening now. The hacker has now sent the hacked Ethereum's on Tornado.cash.
Everyone knows what's it's all about, he's now mixing the hacked funds and it's going to be harder to nearly impossible to trace back where it has went.
Ronin hack proceeds seen headed to Tornado Cash

The worst scenario happened and we will never see our ethereum again. This scam developers must sold all of their premined axie token to subtitute our ethereum.
Im getting frustated that to see that so we have no seen what will be happening next.

Aw, that's awful man. But AFAIK, they're going to refund your money and it will be back to you again guys.

Just to give an update as I've seen this news lately on what's happening now. The hacker has now sent the hacked Ethereum's on Tornado.cash.
Everyone knows what's it's all about, he's now mixing the hacked funds and it's going to be harder to nearly impossible to trace back where it has went.
Ronin hack proceeds seen headed to Tornado Cash

If the hacker managed to send to Tornado.cash, then that's it, you can say goodbye to this money.
Apparently, the Axie Infinity team was able to negotiate only with centralized sites like Binace and others, but mixers like Tornado Cache seemed untraceable until recently. It seems that there was no case when after the Tornado.cash it was able to track where the cryptocurrency went. In general, a very large-scale hacking, it is better for the Axie Infinity team to start cooperating with law enforcement agencies.

Yes, that's the worst part, goodbye money already. But if there are folks who have lost their funds and part of this hacking, the team has told that they'll reimburse or refund them. That's what I've read and hopefully that they do it so that they compensate those victims.

[Mahanton]

Fortunatelly some funds were moved to FTX, Huobi and Crypto.com. If the accounts which received the funds on those platforms are verified, it will be possible to find potential responsible people for the theft.

However, it's just a possibility, because hackers could have sent part of the funds to random addresses from centralized exchanges to mislead investigations reaching the real authors of this crime.

Important to notice biggest part of the stolen funds remain untouched.

Possible way but hackers wont just really made out some move or action on sending out funds randomly which is unlikely to be considered out because they would like to get the money as intact as possible.
There's no way these hackers could able to cash it out on various exchangers yet it is been already on alert whenever funds would be transferred from these platforms.
Hacking incident on this one is the biggest that happen on crypto space.Hope that funds would be really be retrieved it out and users would be compensated.

[Yogee]

Funny how other players and investors are trying to downplay the incident. They think it's just a white hack since it took time before the stolen funds were moved hehe.

It's not that the price of crypto has gone down due to the $615 million Axie Infinity crypto hack, but the problem of digital crime in crypto is massive meaning that nothing is truly safe in the crypto world even if you use a cold wallet and if I'm not mistaken the CEO of Binance once tweeted about a cold wallet hack, here's the tweet: https://twitter.com/cz_binance/status/1405746170144583686. I hope Axie can rise from this great calamity.

Read the article and you'll know that it is a completely different case. It's not even a hack on the cold wallet but a fake ledger that was sent by scammers to existing Ledger customers. It's the result of Ledger's customer information that was leaked.

[el kaka22]

This is going to be the biggest challenge yet to Axie Infinity but am sure that in due time it can be able to get back on its feet and be flying again...so this is just a temporary setback though it is a big one, I would say. I am not a big fan of Axie Infinity but I admire its success story and how it is able to be helping a lot of people with its Play-To-Earn concept...most especially here in my own country where there can be thousands taking advantage of this opportunity to earn while gaming. Sadly, this hack will never be the last and soon we can be hearing of another digital heists with bigger and biggest amounts at stake. Let's hope that a big portion of the total assets compromised can eventually be returned to where they should be.

They will figure out a way for sure, they will also get the most help they could get from all around the world, from exchanges, from swaps, from any place that could track the money and could get it back to them.

I do not think that it would be simple, it is going to take some time but since the money cannot be cashed out that easily and the price hasn't crashed because of it too much, then we can say that it didn't happen as badly as people feared it could have. Now, imagine a world where people stole 615 million dollars and actually cashed them out and turned that into money in their bank accounts? That would have been the real terrible result for sure.

[OcTradism]

They will figure out a way for sure, they will also get the most help they could get from all around the world, from exchanges, from swaps, from any place that could track the money and could get it back to them.

I do not think that it would be simple, it is going to take some time but since the money cannot be cashed out that easily and the price hasn't crashed because of it too much, then we can say that it didn't happen as badly as people feared it could have. Now, imagine a world where people stole 615 million dollars and actually cashed them out and turned that into money in their bank accounts? That would have been the real terrible result for sure.

Some of those stolen coins were deposited on some centralized exchanges and already frozen. Others are still in control of hackers. Axie Infinity probably don't lose all of those coins. Big centralized exchanges will support Axie and refund when case is closed after investigation. Because it is good for reputation of their exchanges and it is good for the crypto market too. In addition, if they support Axie, in the end, they will have some rewards from Axie. I am sure about that.

In history, there are some stolen coins and hackers hide many years, then they deposit to exchanges and get caught. It can happen for rest of stolen coins in this hack too. For those coins, we can assume Axie might lose it or might have to wait for years and luck to get it back. Anyway, the coins are currently frozen on CEX is good enough and it is a support for Axie investors. Price has yet collapsed 2 weeks after that hack.

[Daltonik]

The developers of the Ronin Network announced the restart of the Ronin bridge and the reimbursement to users of funds lost by them as a result of the March hack, a refund in the ratio of 1:1. The Ronin bridge successfully passed an internal audit and an external audit by two companies Verichains and Certik. it remains to be wished that fans of the Axie Infinity blockchain game will strengthen their trust and reduce the risk of losing funds.

Announcement: https://twitter.com/Ronin_Network/status/1541765168757080064

More details: https://roninblockchain.substack.com/p/the-ronin-bridge-is-open-

[lobo13hf]

The developers of the Ronin Network announced the restart of the Ronin bridge and the reimbursement to users of funds lost by them as a result of the March hack, a refund in the ratio of 1:1.

The money that was coming from binance has been used by axie developers to reimburse the investors but again the team is still having a lot of liabilities remaining to be reimbursed, i doubt if the team can do that since it's still a lot of money. The unique users that were coming to axie became less and less. The potential revenue actually decreased a lot along with the price of axie token itself. Let's see how the remaining funds can be reimbursed in 2 years.
 

Just to make sure if another hack will not happen again or ronin will be dead.

[blockman]

The unique users that were coming to axie became less and less. The potential revenue actually decreased a lot along with the price of axie token itself. Let's see how the remaining funds can be reimbursed in 2 years.
 

Sad but that's the truth. It's no longer profitable and the value of its tokens has gone down, too much.

Just to make sure if another hack will not happen again or ronin will be dead.

I don't wish that to happen again and I guess they've learned the lesson the hard way and they've more focused into security and won't allow another breach to happen, at least.
It's a huge money to cover and good thing that Binance at least saved them from that catastrophe but still, the whole value of their tokens are all low due to the market's condition and as well as the losing confidence of many of their users and investors.

[EmmaGod]

It's quite unfortunate that hackers are still getting their way round projects and exchanges. This is not a good indicator, especially as the crypto industry is working towards global adoption. We need to keep our house in order before we can be taking seriously in the global economy. I really do hope that the perpetrators are caught and the amount is reclaimed.

[Morningstarr]

As we move into the world of technology, hackers take advantage of small flaws in the system to dig in and disappear with the money. Such incidents show us the importance of cybersecurity. The US has linked Korean hackers to the Axie Infinity $615 million hack scandals. Korean hackers are notorious for such activities. However, after much effort, Binance recovered some of the hacked money from One account was worth more than $5 million. The amount was quite small, but there was hope that the system would not be so weak that hackers could do anything And no one can stop them. I think cyber security will be the most important thing in the future.

[TastyChillySauce00]

I really do hope that the perpetrators are caught and the amount is reclaimed.

Impossible to happen. The hackers have been even cashing out some money silently a week before axie developers aware. The axie developers are even taking money from what already given by binance to reimburse the investors. The withdrawal was also being limited.
Axie infinity was in a big crisis for now but i don't even know how people are still putting their money on this project that can collapse anytime. There's only around 2 years for this project to get money and reimburse what already stolen by hackers.