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Edit Story
Investing

Breaking


SECOND BIGGEST CRYPTO HACK EVER: $600 MILLION IN ETHER STOLEN FROM NFT GAMING
BLOCKCHAIN

Jonathan Ponciano
Forbes Staff

Investing
Mar 29, 2022,01:42pm EDT|

Updated Mar 29, 2022, 04:58pm EDT
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TOPLINE

Hackers allegedly breached gaming-focused blockchain platform Ronin Network last
week and extracted cryptocurrencies now valued at more than $600 million, the
company announced on Tuesday, marking the second-biggest hack ever in the
burgeoning cryptocurrency space.



The attack is the largest since a $600 million hack of blockchain-based platform
Poly Network in ... [+] August.

getty



KEY FACTS

“There has been a security breach,” Ronin, an Ethereum-linked blockchain
platform for non-fungible token-based video game Axie Infinity, the company
wrote in a blog post on Tuesday, adding that the hack was discovered today but
occurred on Wednesday.

According to Ronin, 173,600 ether tokens and 25.5 million USD coins—worth nearly
$620 million on Tuesday—were drained from its platform after an attacker used
hacked private keys to forge two fake withdrawals last week.



The platform discovered the attack after a user reported being unable to
withdraw 5,000 ether tokens, worth $17 million, from the network on Tuesday
morning.

In an email, Tom Robinson, chief scientist at blockchain analytics firm
Elliptic, pointed out the heist was the second-biggest hack ever, based on the
value of the cryptocurrency at the time of the attack—about $540 million.

Only a $600 million hack of blockchain-based platform Poly Network in August is
larger, according to Elliptic; those funds were ultimately retrieved after a
slew of crypto exchanges and blockchain firms started tracking identity clues on
the blockchain.

In the Tuesday blog post, Ronin said it has reached out to security teams at
major exchanges and blockchain analytics firm Chainalysis for help and has
temporarily halted transactions on its network “to ensure no further” attack
vectors remain open for the hacker to exploit any cybersecurity vulnerabilities.


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WHAT TO WATCH FOR

How the stolen cryptocurrency moves on the blockchain. According to Ronin, most
of the hacked funds are still in the hacker’s wallet.


KEY BACKGROUND

Tuesday’s hack on Ronin marks one of the biggest hacks in cryptocurrency history
and is even bigger than the $460 million hack on cryptocurrency exchange Mt. Gox
that led to the company’s bankruptcy and heightened regulation in the nascent
space about seven years ago. Securities and Exchange Chairman Gary Gensler has
repeatedly said cryptocurrencies deserve more government scrutiny, particularly
to help protect investors. Last year, he called on Congress to ramp up its
authority over the cryptocurrency industry. “Right now, we just don’t have
enough investor protection in crypto,” he said. “Frankly, at this time, it’s
more like the Wild West.”


CRUCIAL QUOTE

“As of right now users are unable to withdraw or deposit funds to Ronin
Network,” the company said Tuesday. “Sky Mavis is committed to ensuring that all
of the drained funds are recovered or reimbursed.”


BIG NUMBER

$14 billion. That’s how much money illicit cryptocurrency addresses received
last year, climbing 79% from one year prior and marking an all-time high for
cryptocurrency-based crime, according to blockchain analytics firm Chainalysis,
which cited the explosion in mainstream cryptocurrency adoption as a main
catalyst.




FURTHER READING

Feds Seize $3.6 Billion In Stolen Bitcoin, Arrest Couple Five Years After
Massive Crypto Exchange Hack (Forbes)

More Than $600 Million Stolen In Ethereum And Other Cryptocurrencies—Marking One
Of Crypto’s Biggest Hacks Ever (Forbes)

Hacker Returns Nearly All $600 Million Stolen In Ethereum, Other Tokens After
Major Crypto Heist (Forbes)


Follow me on Twitter. Send me a secure tip. 
Jonathan Ponciano



I'm a senior reporter at Forbes focusing on markets and finance. I graduated
from the University of North Carolina at Chapel Hill, where I double-majored in
business

... Read More



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