Over $625 in Cryptocurrency Stolen in Axie Infinity Hack, Developers Vow to Refund or Reclaim Funds

When it comes to blockchain gaming, the landscape is still evolving, as are security concerns. Recently, hackers broke into the Ronin network, which is the Etherium blockchain developed by Sky Mavis, the publisher of Axe Infinity.

In an official newsletter, Ronin Network laid out the sequence of events that have led to the loss of approximately $625 million in cryptocurrency value so far. On March 23, the network was compromised, resulting in a significant amount being stolen. The problem arose when the hacker used hacked private keys to spoof access. A user who was unable to withdraw their own funds in Etherium alerted everyone to the problem.

Axe Infinity is a cute game in which you can create pets with which you can fight, collect and earn cryptocurrency. Alpha launch is scheduled for next week, so this comes at an important time. Ronin Network has worked to address concerns by promising to “work to ensure that any funds withdrawn are reclaimed or refunded.”

Transactions have been temporarily suspended to allow for further investigation. In a March 30 update, investigations continue, but they believe all the evidence points to this hack being an external breach. And they vow to continue to provide updates and “continue discussions with our stakeholders to determine the best course of action” to meet the commitment to refund or recover what was stolen.

Given all of this, the game’s social accounts have been posting about the imminent launch, so it seems there are still plans for the alpha.

In a quote to CNN, John Reed Stark, a former Security and Exchange Commission (SEC) official, said, “The entire Web3 marketplace is so full of chaos and lawlessness that we may never know the truth of what happened. And unlike US financial firms, who are required to report cyberattacks fairly, accurately, promptly, etc., NFT and other Web3 marketplaces are not required to report anything at all.”

While those who have money invested in Axe Infinity Wait for both the upcoming launch and the feedback about their stolen funds. Stark’s argument is important.

Thanks for the tip Torval!