Crypto industry reels from $600 million hack

The hack is one of the biggest to hit the crypto world, raising huge questions about security in the industry, but there are lessons galore to be learnt

By AFP


Image: Shutterstock

Paris, France: Investigators are on the trail of hackers who spirited away more than $600 million in cryptocurrency last week, watching the money as it moves around a system that critics call the Wild West of finance.

But they are playing catch-up: the gaming company that got scammed apparently did not even notice for six days.

The hack is one of the biggest to hit the crypto world, raising huge questions about security in an industry that only recently burst into the mainstream thanks to celebrity promotions and promises of untold wealth.

The sector has been beset by scams and hacks.

This week's theft from the makers of Axie Infinity, a game where players can earn crypto through game play or trading their avatars, came just weeks after thieves made off with around $320 million in a similar attack.

"We are seeing more hacks because there is more money in blockchain," said Roman Bieda of Coinfirm, a crypto security company, referring to the technology that underpins cryptocurrencies.

The industry should have learned the lessons from previous attacks but security was still being sacrificed for profit, he added, labelling Axie's failure to notice the hack a "huge deficiency".

- Refunds promised -

The Axie Infinity attackers exploited weaknesses in the set-up put in place by the Vietnam-based firm behind the game, Sky Mavis.

The company had to solve a problem: the ethereum blockchain, where transactions in the ether cryptocurrency are logged, is relatively slow and expensive to use.

To allow Axie Infinity players to buy and sell at speed, the firm created an in-game currency and a sidechain with a bridge to the main ethereum blockchain.

The result was faster and cheaper -- but ultimately less secure.

Hackers were able to take over the sidechain and empty its coffers apparently without anyone realising, something experts say would be all but impossible on the ethereum blockchain.

The firm said it would recover or reimburse the funds, easing the anxiety of gamers -- particularly in the Philippines where hundreds of thousands play Axie Infinity.

"Some of the Philippine community right now are going crazy because of what happened," Dominic Lumabi, a gamer from Manila, told AFP.

Some feared the game would close and money would be lost, he said, adding that he was relieved Sky Mavis was being transparent.

But the firm faces a tough challenge to get the money back.

- 'Constant battle' -

Security firms are monitoring the stolen money as it moves through various wallets, as accounts are called in the crypto-world.

Blockchain data platform Chainalysis is helping Sky Mavis track the money, and Elliptic said it was investigating and alerting its clients.

Bieda from Coinfirm said that sooner or later the perpetrators would be traced.
"The bigger the amount, the harder it is to hide," he told AFP.

But even though investigators can see where the money is, there are tricks the thieves can use.

They can employ software that mixes the stolen money with legitimate streams, use exchanges with lax rules, or move their funds to a jurisdiction with no rules at all such as North Korea or Russia.

Any of those moves makes it much easier to transfer the cryptocurrency into everyday, spendable cash.

It is a "constant battle" between the thieves and those trying to stop them, said Bieda.
"Adoption (of cryptocurrency) is growing, more protocols and more solutions are created, but the pursuit of cheap transactions and profit means the industry sometimes... forgets about security."


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Bitcoin falls below $30,000, lowest since July 2021

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State of Utah creates blockchain and digital innovation task force

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$36 million in JUNO tokens lost forever due to a typo

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Elon Musk secures funding from Sequoia, Binance to back Twitter bid

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Terra acquires $1.5 billion more Bitcoin

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South Korea to remove ban on ICO; new crypto regulations underway

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Crypto donations to be accepted in the US Federal elections

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Spotify launches its metaverse in partnership with Roblox

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Uzbekistan approves solar mining of crypto

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Starbucks teases Web3 platform in NFT announcement

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Coinbase opens NFT marketplace to all

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Kazakhstan orders crypto miners to register with authorities

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Sports NFT Platform Stakes raises $5.3 mln for 'digital bragging rights'

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Rari Capital loses $80 million in Fresh Exploit

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Crypto publication Decrypt raises $10 million at $50 million valuation

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Vitalik Buterin says transaction fees need to reduce to 5 cents to remain acceptable

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MicroStrategy reports $170 million impairment loss on Bitcoin holdings in Q1

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US senators propose new crypto bill limiting capital gains tax

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BAYC Metaverse witnesses $300 million sales at launch

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21Shares and ByteTree launch a gold-cum-Bitcoin ETP

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NFT project DeGods DAO buys basketball team in Ice Cube's Big3 leap

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NFT sector to process more than $800 billion in next 2 years: report

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Telegram to allow users to send crypto

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Goldman Sachs rolls out first bitcoin-backed loan

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Ukrainian government to accept NFT donations

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Bitcoin not a panacea for Africa's economic woes: IMF

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Mexico Senate gets Bitcoin ATM

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Edward Snowden reveals he's one of the creators of Privacy Coin Zcash

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BlackRock launches blockchain industry ETF

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Ethereum's incoming switch to Proof-of-Stake driving down GPU prices

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Central African Republic adopts bitcoin as legal currency

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Brazil approves law to regulate crypto

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Binance announces crypto card for Ukrainian refugees

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New York bans crypto mining using non-renewable power

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NFL Releases NFT collection on Polygon

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Sustainable Bitcoin mining grew 60% in the past year

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Bored Ape Club Instagram hacked, NFTs stolen

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Dogecoin surges after Twitter accepts Musk's buyout offer

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Meta to open first physical store in metaverse bet

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New York looking to criminalise crypto frauds

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Popular NFT launch on Ethereum loses $34 million in faulty smart contract

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DeFi platforms at much higher risk than centralised exchanges: report

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Twitter to allow crypto payments, backed by Stripe

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Bahamas may allow residents to pay taxes with crypto

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Coinbase to acquire BtcTurk exchange for $3.2 billion

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Paris Hilton invests in Afterparty's new NFT ticketing platform

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Ridley Scott to Make a Movie on Ethereum

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Russia to include cryptocurrencies in its updated tax laws

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40 crypto companies sign open letter to EU regulators

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BTC and ETH will break all-time highs in 2022: Celsius CEO

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Blockchain games are leading the DApp industry: DappRadar report

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Finance Minister Nirmala Sitharaman calls for global crypto regulations

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WazirX co-founders shifting base to Dubai

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Blockchain.com reportedly exploring IPO this year

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CoinDCX raises over $135 million in fresh funding round, now worth $2 billion

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Atari terminates blockchain joint venture with ICICB Group

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Monero's July hard fork confirmed by its community

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Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry

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US Govt Links North Korea to Axie Infinity Hack

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Jack Dorsey's first tweet NFT resells for only $280

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Opera crypto browser now available on iOS

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Beanstalk Stablecoin protocol loses $182 million in governance exploit

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Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction fees

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Ripple claims 'a very big win' in SEC case

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Argentinian town to invest in crypto mining to fight inflation, upgrade rail infra

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Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billion

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Homegrown blockchain co Polygon commits to go carbon neutral this year

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NBA registers four NFT trademarks

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US crypto expert jailed 63 months for helping North Korea

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Fortnite developer Epic Games raises $2 billion to build for the metaverse

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Indian companies storm the metaverse and NFT space

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Coinbase is producing a movie trilogy on Bored Ape NFTs

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Multiple Indian Twitter accounts hacked, NFT content posted

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German police shut down $1.3 billion illegal darknet firm

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Meta tests sale of virtual goods in metaverse

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Bitcoin 2022 Conference: Bitcoin Maximalists attack national currencies

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Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu Dhabi

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EU limits Russians' crypto investments to 10k Euros

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Coinbase suspends UPI payments in India three days after launch

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From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipe

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In Texas, crypto miners turn to solar power

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South Africa concludes technical Proof-of-Concept for its CBDC settlement system

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Terra buys $200 million in AVAX for reserves

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Bitcoin will remain as a standard: Chess world champion Garry Kasparov

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Coinbase launches in India

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Meta working on virtual money 'Zuck Bucks': report

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Germany closes Russian darknet marketplace Hydra

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Britain paves way to accept stablecoin

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Crypto industry reels from $600 million hack

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NFT of Nelson Mandela's arrest warrant auctioned for $130,000

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Bank of England calls for tighter regulation of cryptocurrencies

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ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctions

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Crypto provides fix for some in crisis-hit Afghanistan

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Bitcoin to the rescue: Cryptocurrencies' role in Ukraine

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Digital art in spotlight as Dubai makes crypto hub bid

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G7 looks to thwart cryptoassets use as Russian sanctions dodge

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Can cryptocurrencies give Russia, others breather from economic sanctions?

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Cryptocurrencies enter Russia-Ukraine conflict

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Russia seeks to regulate cryptocurrencies

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Donald Trump's NFT collection to laud his own presidency

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