The Largest NFT Hack to Date Costing Millions | 3.29.22

GM Ser,

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The Largest NFT Hack to Date Costing Millions

Ronin, the blockchain underlying popular crypto game Axie Infinity has been robbed of about $625M.

Sky Mavis, the operator behind Ronin and Axie Infinity, reported the breach earlier this week when they shut off all transactions on the Ronin bridge. They have said they are working with law enforcement to try and recover the stolen funds.

According to The Verge, “The attack focused on the bridge to Sky Mavis’ Ronin blockchain, an intermediary between Axie Infinity and other cryptocurrency blockchains like Ethereum. Users could deposit Ethereum or USDC to Ronin, then purchase non-fungible token items or in-game currency, or they could sell their in-game assets and withdraw the money.”

Sky Mavis said the attacker got hacked security keys that allowed them to take such large sums of money discreetly. 

Axie Infinity’s game token “axie” and in-game currencies have not been compromised. Sky Mavis will reopen the Ronin Bridge for transactions when they are confident no other funds can be compromised.