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.
In a move that is being hailed as a game changer for the entertainment industry, Warner Bros. Home Entertainment has announced the launch of the WB Movieverse with The Lord of the Rings: The Fellowship of the Ring (Extended Version) Web3 Movie Experience NFT. This groundbreaking new release will allow fans to engage with the film in ways never before possible!
Reddit has onboarded millions of new users to NFTs during a bear market. Read on to learn more.