Axie Infinity’s $600 million hacking undercuts trust in crypto – Fortune

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Cryptocurrency still has plenty of growing up to do before it can get the keys to the world’s economy.

The latest example of crypto’s immaturity came Tuesday, when Sky Mavis, developer of the groundbreaking non-fungible token game Axie Infinity, disclosed that a hacker stole about $600 million worth of crypto from its players last week. Sky Mavis officials said the thief found private passwords used to validate transactions on networks it employs, then used that information to withdraw about 173,600 Ethereum and $25.5 million in stablecoins tied to the U.S. dollar

The cyberattack will ultimately rank as the largest or second-largest theft of crypto on record, nose-to-nose with last summer’s hack of PolyNetwork. (In February, federal officials arrested a New York couple accused of laundering about $4.5 billion worth of crypto stolen from the Bitfinex…

Read Full Story: https://fortune.com/2022/03/30/crypto-hack-axie-infinity-regulation-binance/

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