NFT game made $1.3 billion in past yearĪxie Infinity is the biggest NFT game on the market, surging in popularity in late 2021. The publishers of the NFT game have begun raising funds in an attempt to reimburse users, with $150 million raised as of April 6. The stolen funds, which mostly consisted of Ethereum with a much smaller amount of USD Coin mixed in, are likely gone for good unless the hackers can be convinced to return them to Ronin network in exchange for a smaller amount as a reward. Sources told the media that there was nothing wrong with the code, but that the attack was also not an inside job. Instead, it appears the attackers socially engineered their way into being given access to dormant administrator accounts for the NFT game that were created to help handle the surge in traffic as it became highly popular in late 2021.
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The latter seems to be the case in this theft, but it was not a vulnerability in code that was exploited. They are more susceptible to attacks coordinated by insiders, and they are constantly being probed from the outside by skilled hackers looking to steal millions worth of currency. The “proof of stake” validator node system has arisen as Bitcoin and other currencies have been criticized for the amount of energy they use, but as this incident demonstrates these systems have their own unique vulnerabilities. Attackers did just that, taking over four of the nodes on the Ronin network and gaining the critical fifth from the NFT game. Unlike Bitcoin, the Ronin network is secured by a set of nine validator nodes taking over a majority allows an attacker to authorize transactions. “Proof of stake” validation nodes exploited via dormant administrator accounts The hackers got away with at least $625 million in crypto funds, exploiting some inactive accounts with administrator privileges that were reportedly compromised via social engineering.
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Axie Infinity NFT Game Used to Breach Ronin Network, Over $600 Million in Crypto TakenĪ bridge between the Ronin network and the popular monster-battling game “Axie Infinity” was attacked in a way that essentially gave the hackers a blank check to approve transactions, something they took full advantage of to create one of the largest losses ever for a crypto platform (and possibly the largest ever for a DeFi network) if money is not recovered.