Posted on 03/30/2022 8:49:23 PM PDT by lasereye
Videogames based on blockchain networks appear to be a prime target for thieves, raising more concerns about the security of cryptocurrencies held on these decentralized gaming networks.
Thieves targeting Axie Infinity, a popular blockchain-based videogame, made off with 173,600 ether tokens and $25.5 million in USDC, a type of stablecoin that is pegged to the dollar. The theft occurred on March 23, according to developers of Axie, but was announced publicly on March 29. At recent prices for ether, the heist was worth about $615 million, down slightly from the $625 million value when the theft was disclosed.
Axie is a “play-to-earn” game in which users create and collect virtual pets. The creatures are nonfungible tokens, or NFTs, that are traded in the game, using various cryptos as currency. The hack occurred on a blockchain “bridge” network called Ronin, which is used for transferring cryptos between the Ethereum network and Axie. Sky Mavis, the Vietnam-based game studio behind Axie, manages Ronin.
The Ronin hack is disconcerting, partly because of the size of the theft, but also because of how it transpired. Ronin is managed by just nine computer “nodes” that validate transactions in the network. Typically, it takes a majority of nodes to form a consensus on the validity of a transaction, enabling it to be recorded on the blockchain. In this case, the hackers gaining control of just five nodes did the trick.
Axie said it “recruited an all star cast of partners” to secure the Ronin network, according to its foundational white paper. But the attackers still managed to hack the nodes and forge fake withdrawals, Axie said in a post on the attack.
(Excerpt) Read more at barrons.com ...
Is it really theft when what is taken can be re-created with a few computer strokes or CNTR-C and CNTR-V?
Fake “money” stored on a computer network.
It means nothing.
Unless the ‘Big Guy’ did not get his cut.
Don’t play any ‘crypto’ games.
Not giving one bit of a crap here.
That’s not how crypto works.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.