• Home
  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Sunday, January 29, 2023
Hawaii Digital News
  • Home
  • US
  • Business
  • World
  • Honolulu
  • Pearl City
  • Hilo
  • Hawaii Travel
  • Kailua
  • Univ. of Hawaii
  • Press Releases
  • Videos
No Result
View All Result
  • Home
  • US
  • Business
  • World
  • Honolulu
  • Pearl City
  • Hilo
  • Hawaii Travel
  • Kailua
  • Univ. of Hawaii
  • Press Releases
  • Videos
No Result
View All Result
No Result
View All Result
Home Business

Hackers Make Off With $600 Million In Crypto Gaming Heist

by NewsReporter
March 30, 2022
in Business
hackers-make-off-with-$600-million-in-crypto-gaming-heist
Share on FacebookShare on Twitter

Hackers stole about $600 million from a blockchain network connected to the popular “Axie Infinity” online game in one of the biggest crypto attacks to date.

Computers known as nodes operated by “Axie Infinity” maker Sky Mavis and the Axie decentralized autonomous organization that supports a so-called bridge — software that lets people convert tokens into ones that can be used on another network — were attacked, with the hacker draining what’s known as the Ronin Bridge of 173,600 Ether and 25.5 million USDC tokens in two transactions. The breach happened March 23 but was only discovered Tuesday, according to Ronin, operator of the blockchain that supports “Axie Infinity.”

The attack is the latest to show that bridges are often rife with problems. The computer code of many isn’t audited, allowing for hackers to exploit vulnerabilities. It’s often unclear who runs them and exactly how. Identities of validators, who are supposed to order transactions on bridges, are often shrouded in mystery. And yet there are thousands of bridges out there, and they move hundreds of millions of dollars worth of cryptocurrency.

“The fact that nobody notices for six days screams aloud that some structure should be in place to watch illicit transfers,” said Wilfred Daye, head of Securitize Capital, the asset-management arm of Securitize Inc.

The price of Ron, a token used on the Ronin blockchain, dropped about 22% after the hack was disclosed. AXS, a token used in “Axie Infinity,” fell around 8.5%, according to CoinMarketCap.

In its newsletter, Ronin said it’s in touch with major cryptocurrency exchanges and with blockchain tracer Chainalysis to monitor the move of the stolen funds. Ronin also said it’s working with law enforcement. Ronin didn’t immediately respond to requests for comment.

The stolen funds went to two cryptocurrency exchanges, according to blockchain forensics firm Elliptic. Several exchanges acknowledged the hack without confirming that the funds had been moved there.

Huobi tweeted that it would “fully support Axie Infinity as it deals with the aftermath of the attack.” Sam Bankman-Fried, who runs the FTX cryptocurrency exchange, said in an email that it would assist on the blockchain forensics.

The Ronin hack follows the February attack on the Wormhole bridge, which resulted in more than $300 million in losses that one of Wormhole’s sponsors, Jump Crypto, reimbursed. Other crypto bridges have suffered from so-called rug pulls when their founders disappeared and had issues when their key developers have gone rogue.

“In this case the issue was that the bridge was highly centralized — the theft came as a result of someone hacking the ‘validator nodes’ of the Ronin Bridge,” said Tom Robinson, co-founder of Elliptic. “Funds can be moved out of the bridge if five of the nine validators approve it. The hacker managed to get hold of the private cryptographic keys belonging to five of the validators — so that was enough to steal the crypto assets.”

Hacks at bridges can threaten the entire ecosystem of decentralized apps, called dapps, from games to lending services. A bridge would typically take a user’s Ether and put it in a smart contract. Then it would issue the user an equivalent amount of so-called wrapped Ether, which can be used on this particular non-Ethereum blockchain — like Ronin or Solana — to invest in dapps. If the underlying Ether is stolen, the wrapped Ether becomes worthless, effectively leaving dapps and their users with massive losses.

“If a bridge has the ability to mint tokens, it’s like taking control of the minting machines,” Yat Siu, co-founder of Animoca Brands, an investor in gaming studio Sky Mavis, said in an interview before the hack. “Bridges are authorities at this point, and if they are designed badly or have vulnerabilities, they become a huge risk to the ecosystem.”

To save the entire Solana ecosystem from a direct hit, Jump Crypto bailed out Wormhole last month. Sky Mavis and Ronin haven’t announced any similar plans yet.

Read More Here

Related Posts

putin's-best-friend-in-ukraine-captured,-pretends-to-be-ukrainian-military

Putin's Best Friend In Ukraine Captured, Pretends To Be Ukrainian Military

by Duong
April 14, 2022
0

KEY POINTSUkrainian authorities captured Viktor Medvedchuk while he was departing Ukraine's Kyiv regionRussia's Federal Security Service allegedly attempted to smuggle him to Transnistria before taking him to MoscowUkraine proposed to exchange Medvedchuk for prisoners of war held by Russia, but the Russians dismissed the offerUkraine's Security Service (SBU) captured an escaped...

shanghai-lockdown:-iphone-maker-halts-operations-at-china-sites

Shanghai Lockdown: IPhone Maker Halts Operations At China Sites

by NewsReporter
April 13, 2022
0

Image source, Getty ImagesImage caption, iPhone users at a shopping mall in ChinaA major producer of Apple's iPhone has become the latest manufacturer to halt operations because of the lockdown in Shanghai.Technology company Pegatron says it has temporarily suspended production at two of its factories in China.The announcement came even...

balboa-boardwalk-businesses-upset-by-filming-closure-seek-edits-to-newport-beach-film-policy

Balboa Boardwalk Businesses Upset By Filming Closure Seek Edits To Newport Beach Film Policy

by NewsReporter
April 12, 2022
0

A recent request to shoot scenes for a feature-length film at Newport Beach’s Balboa Fun Zone — which required temporary closure of the family entertainment center — has some business owners calling for edits to the city’s film ordinance.Local officials, working with third-party liaison FilmLA, had processed permits for a...

elon-musk-no-longer-joining-twitter’s-board,-in-a-major-reversal

Elon Musk No Longer Joining Twitter’s Board, In A Major Reversal

by NewsReporter
April 11, 2022
0

SAN FRANCISCO — Elon Musk is not joining Twitter’s board after all, a reversal following last week’s revelation that he had become Twitter’s largest shareholder — and had received a subsequent appointment to the panel.Twitter CEO Parag Agrawal announced the news in a tweet Sunday night.“Elon’s appointment to the board...

Hawaii Digital News

© 2021 Hawaii Digital News

Navigate Site

  • Home
  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Hawaii Digital News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT