The cryptocurrency community was shaken upon hearing the news that the popular play-to-earn video game Axie Infinity was targeted by hackers who stole a whopping $625 million worth of crypto assets. This unfortunate event is marked as one of the major crypto heists in history.
Based on the analysis, the hacking happened last March 23, but the developers of Axie Infinity had only found out this Tuesday (March 29). From a statement released by the executives of the crypto firm, the threat actors have infiltrated Axie’s underlying blockchain network, Ronin, which has a significant role in the game’s ecosystem.
The company’s newsletter also added that they are now working directly with the authorities and government agencies so that the incident will be justly investigated.
The Axie Infinity play-to-earn video game is a system empowered by non-fungible tokens or NFTs.
The game offers NFTs based on animated creatures that the players buy to access the game, where they purchase additional crypto funds and breed their creature NFTs to be deployed in battles.
What makes Axie different is its NFTs have both real-world and in-game value, which is a new twist compared to other traditional play-to-earn cryptocurrency video games.
The crypto thieves embezzled about 174 thousand worth of Ethereum blockchain and 26 million USDC, which collectively sums to over $625 million. Despite this recent hacking incident, the Axie Infinity management has shared via Twitter that the famous play-to-earn game will be staying.
The surge of cryptocurrency hacking has intensified upon the peak of its popularity among its enthusiasts. The anonymity of blockchain has worried experts about the further propagation of cybercrime within the cryptocurrency sector.
Another bad side that experts see is how breaches can affect trading, considering that the value of digital tokens fluctuates over time. Some investors withdrew massive assets after realizing security flaws, like what happened in the Axie Infinity hacking incident.
Nonetheless, security experts know that the thieves would have difficulty withdrawing or converting the stolen assets into fiat without being caught by authorities. This hindrance is only half of the challenges that hackers are about to face due to their actions.
