Axie Infinity’s $615 million crypto hack

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Quote from: EmmaGod on June 30, 2022, 10:02:38 AM

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.

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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.

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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.

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Quote from: lobo13hf on June 30, 2022, 03:45:41 AM

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.
Cheesy

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

Quote from: lobo13hf on June 30, 2022, 03:45:41 AM

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.

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Quote from: Daltonik on June 29, 2022, 02:16:09 AM

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.
Cheesy

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

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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-

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Quote from: el kaka22 on April 05, 2022, 05:26:58 AM

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.

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Quote from: DapanasFruit on April 04, 2022, 01:06:46 AM

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.

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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.

Quote from: Gayong88 on April 04, 2022, 12:06:20 PM

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.

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Quote from: uneng on April 04, 2022, 01:29:26 PM

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.

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Quote from: WalkerIVIV on April 04, 2022, 11:01:45 AM

Quote from: tabas on April 03, 2022, 12:31:20 PM

Quote from: WalkerIVIV on April 03, 2022, 10:17:49 AM

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. Angry

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.

Quote from: WalkerIVIV on April 04, 2022, 11:01:45 AM

Quote from: tabas on April 04, 2022, 07:39:13 AM

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.

Quote from: Polkeins on April 04, 2022, 08:39:53 AM

Quote from: tabas on April 04, 2022, 07:39:13 AM

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.

uneng

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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.

Gayong88

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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.

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Quote from: Polkeins on April 04, 2022, 08:39:53 AM

Quote from: tabas on April 04, 2022, 07:39:13 AM

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.

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Quote from: tabas on April 03, 2022, 12:31:20 PM

Quote from: WalkerIVIV on April 03, 2022, 10:17:49 AM

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. Angry

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.

Quote from: tabas on April 04, 2022, 07:39:13 AM

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.

aytash

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Guys, despite the Chinese blockchain system, I still wonder why digital currencies are stolen
Obviously, in the crypto ecosystem, public offering (IEO) is on the rise these days compared to ICOs (coin offering). This new way of selling coins in certain exchanges seems to be a new and profitable style while the projects are still going on.
On the other hand, many financial projects such as Fibodex are introduced to the market as a ready-to-present platform in the form of ICO.
And it is still not possible to distinguish healthy projects from counterfeit ones.
Is this my only problem or are others involved?

Is stealing and cheating in the way of providing tokens? What do you think about this new method?

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Quote from: LogitechMouse on April 04, 2022, 09:19:15 AM

~snip

Quote from: dimonstration on April 04, 2022, 08:52:27 AM

I doubt that SLP will stay above 0.4$ again considering how huge the new SLP being mine everyday by tons of player.

I think no one is expecting for it to reach that price again. That happened because of the massive hype but right now the hype is gone already.

yeah, $0,4 is totally not realistic
but, $SLP is rising again today, not sure that it is going to hold, but it is green

Origin was planned long-time ago to be released on this time, hack was just a coincide with that, it was not released to blur the hack

what is a mystery for me, is that they had six days between the leak and noticing it, it is really long overdue

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Quote from: tabas on April 04, 2022, 07:39:13 AM

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

Just to add this update.
200 ETH was being sent to TornadoCash while 1000 ETH was sent to another address base on this tweet.

Quote from: dimonstration on April 04, 2022, 08:52:27 AM

I doubt that SLP will stay above 0.4$ again considering how huge the new SLP being mine everyday by tons of player.

I think no one is expecting for it to reach that price again. That happened because of the massive hype but right now the hype is gone already.

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Quote from: hd49728 on April 04, 2022, 08:08:53 AM

So far the hack does not affect AXS and SLP too much. Some reasons to explain why the market does not over-react and people did not panic sell.

- Stolen crypto has been frozen after hackers deposit it to CEX, Binance, FTX etc.
- People believe that eventually Axie will get it back. It is just how long will it take.

If things are truly well like this, SLP will go to $0.04 or even to $0.1. The hack if can not kill them, will make them stronger.

Simply because SLP and AXS holders are full whales tht manipulating the market. They are shilling there team to invest more and don't panic on this hack event. But I doubt that this bull run will continue since this whales keep dumping there bag to small tome holders that got fomo on the right price. I doubt that SLP will stay above 0.4$ again considering how huge the new SLP being mine everyday by tons of player.

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Quote from: tabas on April 04, 2022, 07:39:13 AM

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.

hd49728

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So far the hack does not affect AXS and SLP too much. Some reasons to explain why the market does not over-react and people did not panic sell.

- Stolen crypto has been frozen after hackers deposit it to CEX, Binance, FTX etc.
- People believe that eventually Axie will get it back. It is just how long will it take.

If things are truly well like this, SLP will go to $0.04 or even to $0.1. The hack if can not kill them, will make them stronger.

tabas

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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

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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.

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It will not last long hackers will definitely be found because they are not too cunning in doing their actions, because they use a website that has been known by name in managing the funds they stole so it is very easy to track down the perpetrators, if blocked then the perpetrators will not be able to do anything, with this problem of course axie infinity will be a little disturbed because hackers very much take funds for the project.

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Quote from: 7788bitcoin on April 03, 2022, 12:42:20 PM

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

~
How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

There is not much of a huge correction even with the news of a hack and identifying the hackers depends upon how amateur the hackers are. They will monitor the wallet movements but unless and until they move the coins to an exchange that is helping with the trackers, they will be able to identify them. If not it is going to be a cat and mouse game as how many hacks we have seen till now and how many hackers were identified till now.

Even if they are pro-hackers but since they are using an exchange, they will still catch and get the hacked money back. I believe that exchange is also working together with Ronin and probably they freeze the account, so no chance that they can withdraw the funds.

However, it looks like it never gives a huge impact on the anxiety infinity. The game continues.
https://edition.cnn.com/2022/04/03/tech/axie-infinity-hack-party-nft-la/index.html

qwertyup23

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

As far as I know, the management was able to track down the accounts of where the funds were sent and they were able to manage to freeze the said accounts in order to avoid further transaction of the money from one place to another. Though this may be the case, the fact that another exchange was hacked means that regulations would be stricter and withdrawing money would be relatively harder from now.

My friend, who is currently active in doing Axie Infinity, told me that the price will stabilize around May but as far as now, withdrawing money still poses a problem due to Ronin's hacking.

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Such a hacking attack will definitely not improve Axie Infinity situation. I hope that by some miracle it will be possible to find and recover the stolen money, but history shows that in most such situations, unfortunately the result is negative. Axie Infinity is a very solid and strong project, so its future is definitely not in danger, but I'm sure the developers are very angry.

7788bitcoin

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

~
How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

There is not much of a huge correction even with the news of a hack and identifying the hackers depends upon how amateur the hackers are. They will monitor the wallet movements but unless and until they move the coins to an exchange that is helping with the trackers, they will be able to identify them. If not it is going to be a cat and mouse game as how many hacks we have seen till now and how many hackers were identified till now.

tabas

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Quote from: WalkerIVIV on April 03, 2022, 10:17:49 AM

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. Angry

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.

WalkerIVIV

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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. Angry

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.

crzy

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This is not a $615 hack as far as I know, it can be lessen but still the hack happened because of the weak security. Well, they will compensate it and their focus now is to reimburse the money. Now the withdraw system is back on Axie and most of the platform, this can be a good progress. Axie is here to stay, watch out for this week updates because for sure, Axie will become more interesting. This hacking incidents should not happen again, or else Axie will face its greatest nightmare.

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

I'm not sure why AXS is still pumping after the hack.

This is huge and could signify future security risk, so I am not bullish on Axie at all after this event.

Liquidity has dried up for P2E and it's undeniable that growth in customer base is going to stagnate since their gameplay is pretty much nonexistent other than the farming aspects. Would short if I could.

ardydyon

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with a hack case like this, it will definitely have a big impact on the axie infinity game project. especially for investors and users who play the game
will begin to arise anxiety about the security of the game.
I think the axie game in the future development process will definitely be even better from their security system and also from the games they offer.
for in the future I think users will come back to the game axie.
I think the identity of these hackers could have been detected and brought them to justice in the case of stealing huge crypto funds.

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Hacker was able stealing the funds from the bridge silently without even gave a notice to the developers if they have been hacked. How smart the hacker is but he was not so smart when it comes to send his hacked amounts to the centralized exchange site. The name of foundation will become the main thing in this case. If the company will not able to re-turn people money and i do believe there will be chaos by people who have ethereum in the ronin bridge. This will become a very bad thing for long term as more people in demand to cash out their money from the bridge.
Centralized service like this is so risky to be used in daily basis as there are so many bugs have not yet discovered.

ItsCrafty

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

I wonder that this high stolen Axie did not put any impact on AXS price and still trading on 72$ with an 18% increase in 24 hours. Axie did very well previously and their early users made a decent profit. Slp price is very low from Ath but overall progress is good.
I think they will get hackers soon if they go deep into this matter and this kind of hacker should be brought to justice to avoid future hacking.

kojektea

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

I don't know if this news is the truth or deliberately playing with Axie's price because so far the AXS coin and SLP token are doing well, no big impact, they remain stagnant at a stable price.

If this is true, of course it will have a bad effect on the game and the Axie Infinity project itself, everyone will be hesitant to invest and play here, but they are pretty stable at the moment.

If it's an attack from hackers, it's certainly not easy to find, even experienced people can't necessarily find out who attacked the project, this usually happens due to errors or data leaks from the developer himself.

Eternad

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Quote from: bitkanu on April 01, 2022, 08:20:58 PM

Im a bit surprised that to see that happened with ronin bridge. The security is so weak. How is it possible for more than 150k ethereum getting drowned from the ronin bridge to the hacker's wallet. Even the hacker has been withdrawing bunch of USDC to his local bank account. The team was starting to trace the hacked by working with some centralized exchange site for that. This is good to see that the team was know at the late game and it gives more possibilities for the hacker to receive all of their funds on his cex account.
This time hacker will be jailed for sure. The cex can know the real identity from the hacker.

Are you new in cryptocurrency? Hacking the bridge of a certain network is not new and there’s still know vulnerability on this matter due to its nature of token wrapping. This hacking incident is same with Poly Network which is a multi network platform (Bridge) which hacker successfully steal worth of 611M USD. The CEX just respond quickly that’s way the hacker was forced to return it to the team. In case, the hacker might use mixer to getaway some part of the money which will be very hard to track.

bitkanu

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Im a bit surprised that to see that happened with ronin bridge. The security is so weak. How is it possible for more than 150k ethereum getting drowned from the ronin bridge to the hacker's wallet. Even the hacker has been withdrawing bunch of USDC to his local bank account. The team was starting to trace the hacked by working with some centralized exchange site for that. This is good to see that the team was know at the late game and it gives more possibilities for the hacker to receive all of their funds on his cex account.
This time hacker will be jailed for sure. The cex can know the real identity from the hacker.

Maus0728

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

This was already an issue in March 28 after they disclosed it on discord and they already are making actions ever since they noticed the hacking. AFAIK all the crypto trading platforms that the hackers used even the Binance team will help Skymavis retrieve the stolen funds. It wouldn't really affect the game itself in short term since the stolen funds isn't SLP or AXS (which is their P2E token and Governance token respectively) and the funds where from the Bridge (mostly USDC already from the bridge users). Can they get it back? Yes, since the address used and involved in the hacking is already frozen in all platforms and even on the ETH network itself. They will just need to take it back from the hacker.

With the Origins getting closer to be available for PC users, I don't think the incident would even dent their progress in P2E ecosystem. As long as they did all precautionary measures, then they're fine.

KennyR

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Quote from: Ryker1 on April 01, 2022, 07:15:02 PM

Well if the disabling withdrawal and deposit of Ronin in a centralized exchange or any exchange that listed Ronin will be a great help to the Axie team.
That could give a huge impact on the price once all Ronin that has been hacked will be sold, we hope that hackers don't have an option to move this Ronin and we should be thankful for centralized exchange because they collaborate with the situation. Sometimes centralized exchange has a true use when it comes to a scenario like this, and decentralized don't have.

Yes, it is easy to see a discussion on which is better. Whether it is the DEX or CEX. Both have got its good and bad out of it. When it comes to CEX, this kind of blocking the withdrawal and deposit of the respective funds moved by the hackers. In this case, such a big hack will completely disturb the market. For now its developers said

Quote

We are “currently working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.”

Ryker1

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Well if the disabling withdrawal and deposit of Ronin in a centralized exchange or any exchange that listed Ronin will be a great help to the Axie team.
That could give a huge impact on the price once all Ronin that has been hacked will be sold, we hope that hackers don't have an option to move this Ronin and we should be thankful for centralized exchange because they collaborate with the situation. Sometimes centralized exchange has a true use when it comes to a scenario like this, and decentralized don't have.

poodle63

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

Yeah that shows how amateur axie developer is. They do know if their protocol got hacked a week after that happened. They are very amateur in keeping the security of blockchain. Cool

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

How it gonna affect axie infinity?

This gonna give a long term impact to the axie. When the hacker was sending to the tornado and this will be the end for axie. Axie must reimburse all of its ethereum owners. The foundation must used its token to give it back to the investors and im sure they will be liquidating it.

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Can they get to hackers identity and bring them to justice?

The good thing is if axie hacker has ever used centralized exchange site for that. This is the only chance for axie foundation to recover the lose.

vv181

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Merit: 1273

Quote from: Yaunfitda on April 01, 2022, 01:33:23 PM

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify.

Which address does it contain the CEX pathway?

Quote from: d3nz on April 01, 2022, 03:34:51 PM

As long as they reimbursed the people who got affected by this hack,~

How do they gonna reimburse the victim though? by printing more tokens or something?

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Can they get to hackers identity and bring them to justice?

If follow the official statement, they are involving many centralized entities like an exchange, blockchain analysis company, and also law enforcement, if there is a loophole in how the attacker designates the attack, then it will likely be identified. But if they managed it carefully, I believe the probability is small.

ije07

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Ronin continues to update and currently Ronin has provided the last update and we hope to get good results for the development of this project so that something like this does not happen again, and this is the update that has been given from Ronin to date regarding the current situation.

https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=r

jossiel

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Activity: 2842

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Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

How it gonna affect axie infinity?

The trust will be gone from many.

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Can they get to hackers identity and bring them to justice?

I hope so and they've said that they're already working with major exchanges for which the hacker has sent those funds that have been robbed from them.

Just wait and wish them all the best if there's a probable good news that shall come from them and if they can recover a huge part of that hacked funds.

erep

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Activity: 2282

Merit: 589

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Can they get to hackers identity and bring them to justice?

I have reviewed the transfer of hacker funds on exploit wallets 3 directing deposits to FTX, I believe if FTX can freeze funds from hacking reports or can reveal the identity of hackers trying to withdraw fiat to local bank accounts.

Hackers will leave wallets to look for opportunities on exchanges with privacy rules for anonymous withdrawals, maybe there is no such exchange as many exchanges already require KYC for members.

d3nz

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Activity: 1274

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Quote from: milewilda on April 01, 2022, 01:46:39 PM

Quote from: Yaunfitda on April 01, 2022, 01:33:23 PM

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost 620 USD million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

For sure it would be banned as well, just like on what Binance had done.
https://www.coindesk.com/business/2022/03/30/binance-suspends-deposits-and-withdrawals-on-ronin-network-after-hack/

They suspend Deposits and withdrawals of Ronin network.Dont know if hacker do able to make some cashouts on FTX and crypto.com
but most likely they might able to block it depending on their responsiveness to the issue.

As long as they reimbursed the people who got affected by this hack, the good thing is that they are only doing their best to resolve this case. Hopefully, this will not happen again in the future and provide more security.

And providing updates regarding the investigation of this case.

https://twitter.com/Ronin_Network/status/1509623624583585792?s=20&t=7Ts7JAf4KklIf09uQJIJ3w

ryzaadit

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Activity: 2450

Merit: 1225

Quote from: MidNite36 on April 01, 2022, 01:54:24 PM

-snip-

Tornado Cash ~XD

But, he cannot do it once. Need to doit a several times with a small fund, so not easy to be tracked. Yes big money hard to laundry that money, by the way 615$ Million is really big. If the hacker want to do some profit for him self, he can simple use that money for pumped some coin and he using his own money to buy the token before the pump.

I believe with that money can make the market of the target token/coin is up.

ijeb

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Activity: 728

Merit: 10

Even with that Axie will still grow in terms of active players. A lot of users are earning good money from the game and it is more like a real full time job.
The developers are about to release the next version of the game offering free Axies for the new users which will make it a real play to earn game.

MidNite36

member

Activity: 208

Merit: 10

This hacker is a greedy fellow, how the hell is he going to get away with this large amount of money? Many tried this in the past they end up giving up the money, there is no way you can escape with a huge amount of money like this.

Ludmilla_rose1995

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PredX - AI-Powered Prediction Market

the theft they do is not small, I'm sure the related CEX developers (FTX and Crypto.com) will definitely be willing to help axie infinity. I'm sure this won't have a big impact on Axie Infinity because after all this is a disaster.

milewilda

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Activity: 3094

Merit: 1127

Quote from: Yaunfitda on April 01, 2022, 01:33:23 PM

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

For sure it would be banned as well, just like on what Binance had done.
https://www.coindesk.com/business/2022/03/30/binance-suspends-deposits-and-withdrawals-on-ronin-network-after-hack/

They suspend Deposits and withdrawals of Ronin network.Dont know if hacker do able to make some cashouts on FTX and crypto.com
but most likely they might able to block it depending on their responsiveness to the issue.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: loveurself420 on April 01, 2022, 10:35:29 AM

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Well there were reports that the hackers uses uses CEX (FTX and crypto.com) to manage the funds they steal so maybe there is a chance that the bad actors will be identify. But it might take months and months of going through the reports and hopefully the exchanges are going to cooperate to them in order to identify the hackers. I guess this kind of attacks will have a drastic effects to the affected networks.

loveurself420

member

Activity: 102

Merit: 34

Hackers have stolen cryptocurrency worth almost $615 million from a blockchain project linked to popular online game Axie Infinity.
Ronin, a blockchain network that allows users to move funds in and out of the game this is where the crypto was stolen from.
Ronin said sky mavis working with major blockchain tracker Chainalysis to trace the stolen funds.

How it gonna affect axie infinity?
Can they get to hackers identity and bring them to justice?

Topic: Axie Infinity’s $615 million crypto hack (Read 370 times)