![]() ![]() ![]() Sky Mavis was contacted for comment but didn't immediately respond. After ether's dramatic price drop, the total steal is now worth $229 million. Once they controlled the network, hackers drained Axie Infinity's treasury of $25 million in the USDC stablecoin and 173,600 ether. Hackers then got access to community-run Axie DAO, which had access to one more validator. The spyware encased in that PDF, reports The Block, allowed the hacker to control four of Ronin's nine validators. They now fetch far less - with Axies often selling for under $10. At its peak, bottom-tier Axies were selling for over $300 each. While bitcoin is designed to be secure at all costs, Ronin's sole purpose was to provide cheap, quick transactions for Axie Infinity players.Īxie Infinity sees players battle and breed Axie monsters, which are owned as NFTs. For a bad actor to take complete control of the bitcoin blockchain, which uses Proof-of-Work, they would need 51% of the electricity being utilized by every bitcoin miner in the world. For a bad actor to take control of Ronin, they needed to take control of five of those nine validators. At the time of the hack, Axie Infinity had nine validators. Ronin is a Proof-of-Authority blockchain, which means control over the network is given to hand-picked validators. The company, however, didn't exist, and the PDF was laced with spyware. The recruiting process involved several interviews and ended with a job offer, sent via PDF. However, no such development has occurred so far.A report from The Block on Wednesday revealed that the hack was socially engineered via a fake job offer.Ī senior Sky Mavis engineer was targeted by "recruiters" on LinkedIn who hoped to sign him to their company, reports The Block, citing sources familiar with the matter. ![]() On the other hand, many in the cryptocurrency industry thought that the Ronin Network hacker would return the funds they seized to the platform, just like the Poly Network attacker. The platform underlined that it will cover the losses of all users who have lost funds in the hacker attack. In addition, the remainder will be deducted from the balance sheet of Sky Mavis and Axie Infinity. ![]() The $150 million collected in the funding round will be paid out to users who have lost funds. Many leading investment firms such as Animoca Brands, Paradigm, a16z, Accel, and Dialectic have contributed to the funding round. Sky Mavis announced that it has raised $150 million in revenue from its financing round. Binance, the largest cryptocurrency exchange by trading volume, led the funding round. Platform developer Sky Mavis has organized a funding round to repay over $600 million in funds lost in the Ronin Network hacker attack. In this sense, developers want to increase the number of validator groups in the network to 21. The company also wants to make its sidechain, the Ronin Network, which was recently hacked, more secure. Sky Mavis, developer of popular play-to-earn (P2E) platform Axie Infinity, has raised $150 million in a Binance-led funding round.Īs Cointelegraph noted, Axie Infinity developers are currently working on a comprehensive security upgrade. ![]()
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