Biggest theft of cryptocurrency: 555 million euros gone

Hackers have stolen cryptocurrency worth the equivalent of 555 million euros. A new record for the amount of damage.

Hackers have captured cryptocurrencies worth the equivalent of around 555 million euros. The cyber gangsters stole the cryptocurrencies from the online game “Axie Infinity” or from its payment service Ronin, as reported by the US IT news site Bleepingcomputer.

The attack took place a week ago, on March 23, 2022. The attackers outwitted Ronin’s security mechanisms; Ronin published details on this in this blog post. Ronin became aware of the theft when a user failed to transfer 5000 Ethereum.

The stolen cryptocurrencies are Ether and USDC token/stablecoin. According to the payment service Ronin, which was created specifically for the online game “Axie Infinity” so that you can pay in it with cryptocurrency, most of the stolen money is still in the thieves’ accounts. Ronin explained that it would work with law enforcement and security experts to ensure owners got their money back.

New record

This amount of damage is likely to be the largest in connection with stolen cryptocurrency. The previous record holder was a case in August 2021 in which Binance Chain, Ethereum and Polygon went missing with a total value of around 549 million euros. You can read more about this in this report: Biggest cryo theft to date: hacker committed an act for fun.

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