Axie Infinity Crypto Hack: Attackers Stole Over $600 Million

In one of the largest crypto hacks of all time, around $615 million has been stolen from Ronin Network, which runs the popular blockchain game Axie Infinity.

March 29 was supposed to be a big banner day for Axie Infinity, the brand name for one of the most popular blockchain games right now. Instead, the company had joined the unenviable pantheon of blockchain names hacked for hundreds of millions of dollars in cryptocurrencies when the network confirmed the security breach on Twitter.

According to Jeff Zirlin, cofounder of Axie Infinity, “It is one of the bigger hacks in history.”

The cyberattack happened on March 23, but it was discovered on Tuesday, March 29 after a user was unable to withdraw 5,000 ether. The cyber incident was a serious kick in the knees for Axie Infinity.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” the Ronin Network tweeted on Tuesday.

Axie Infinity is a play-to-earn game inspired by the well-known game series Pokémon. The game allows users to breed, raise and battle digital creatures called “Axies.”

Lots of media started asking immediately if the Axie network holdings stolen were going to be addressed by insurance, and the absence of a direct answer was only feeding the reporter frenzy. However, many were not that shocked by the hack. A general assumption that the losses will eventually be recovered pervaded the group.

On a positive note, Axie Infinity creator Sky Mavis expressed full commitment to reimburse players who lost their funds due to the reported incident.