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š®Ā Axie Infinity Hack: $620 Million Lost in Largest DeFi Exploit
In March 2022, the popular play-to-earn gameĀ Axie InfinityĀ suffered a devastating attack on itsĀ Ronin Network, where hackers drained overĀ $620 millionĀ in ETH and USDC ā making it theĀ largest DeFi hack in history.
š§ The attackers used stolen private keys to forge withdrawals from the bridge that connected Ronin (Axieās sidechain) to Ethereum. Whatās worse: the breach wentĀ undetected for 6 days.
š The incident shocked the crypto gaming world and raised urgent concerns aboutĀ security in sidechainsĀ andĀ validator node centralization.
š ļø Sky Mavis, the team behind Axie, later raised funds and pledged to reimburse users. The hack was later linked to theĀ Lazarus Group, a North Korean state-sponsored hacking unit.
ā ļø The Axie hack remains a cautionary tale: even successful projects must prioritizeĀ security, decentralization, and proper audits.
š·ļø #AxieHack #RoninNetwork #DeFiSecurity #PlayToEarn #CryptoHistory
In March 2022, the popular play-to-earn gameĀ Axie InfinityĀ suffered a devastating attack on itsĀ Ronin Network, where hackers drained overĀ $620 millionĀ in ETH and USDC ā making it theĀ largest DeFi hack in history.
š§ The attackers used stolen private keys to forge withdrawals from the bridge that connected Ronin (Axieās sidechain) to Ethereum. Whatās worse: the breach wentĀ undetected for 6 days.
š The incident shocked the crypto gaming world and raised urgent concerns aboutĀ security in sidechainsĀ andĀ validator node centralization.
š ļø Sky Mavis, the team behind Axie, later raised funds and pledged to reimburse users. The hack was later linked to theĀ Lazarus Group, a North Korean state-sponsored hacking unit.
ā ļø The Axie hack remains a cautionary tale: even successful projects must prioritizeĀ security, decentralization, and proper audits.
š·ļø #AxieHack #RoninNetwork #DeFiSecurity #PlayToEarn #CryptoHistory
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