Blockchain project Ronin was hit by a crypto-currency $615 million theft

Blockchain project Ronin was hit by a crypto-currency $615 million theft

This is the second-highest cryptocurrency theft ever recorded according to analysis of blockchain firm Elliptic.

Blockchain project Ronin disclosed on Tuesday that hackers took cryptocurrency that is now worth close to $615 million from their systems which would make it one of the biggest cryptocurrency thefts in history. Ronin said that hackers who were not identified on March 23 took 173,600 Ethereum tokens and 25.5 millions USD Coin tokens. 

Based on current exchange rates the stolen funds are worth $615 million. However, they were worth around $540 million prior to the hack.

This is the second-highest stolen crypto on record as per Blockchain research firm Elliptic. Ronin is the power behind the game played online Axie Infinity, which uses non-fungible tokens (NFTs) and is the largest of the NFT collection in terms of sales , according to the NFT Market tracker CryptoSlam.

Ronin wrote in a blog entry that the hacker was using the stolen keys to access private information – which are the passwords required to access crypto-based funds – in order to steal the money.

Blockchain project Ronin was hit by a crypto-currency $615 million theft

Blockchain project Ronin was hit by a crypto-currency $615 million theft

Ronin announced that it discovered the breach on Tuesday. “We are in direct contact with different government agencies to ensure that criminals are prosecuted,” it said, noting that it was in discussions with Axie Infinity on how to ensure that no user’s money was lost.

Users of Ronin are not able to deposit or withdraw money on the network, according to the report.

Ronin did not respond immediately to a request for comments made via Twitter. It stated that it was working with the major Blockchain tracking software Chainalysis to track down those who stole the funds. The majority of the stolen funds are remaining in the hacker’s online account, Ronin said. Hacks have plagued cryptocurrency platforms.

The company’s cryptocurrency arm Jump Trading said last month it was able to restore over $320 million in cryptocurrency platform Wormhole following the decentralised finance site was hit by one of the largest cryptocurrency thefts in history. In August of last year, hackers responsible for probably the largest-ever digital coin theft returned almost all of the money they stole from DeFi web site Poly Network.

Digital tokens valued at around 530 millions dollars were taken from the Tokyo-based platform Coincheck. Mt. Gox Another Japanese exchange, was shut down in 2014 following the theft of more than half of a billion dollars worth of crypto. Ronin is created by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not give the contact information through its site. It has not responded to a comment request that was sent to LinkedIn.

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