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$600 Million in Cryptocurrencies Stolen in Huge Blockchain Hack

$600 million in tokens was stolen from the blockchain gaming platform Ronin Network last week, in the second-biggest crypto hack of all time, the company announced on Tuesday.

Hackers boosted 173,600 Ethereum and 25.5M USDC, two popular cryptocurrencies, from Ronin Network, which was developed to support the Pokémon-like NFT video game Axie Infinity, through a backdoor in the game’s code.

It seems that the Ronin side-chain gave special privileges to Sky Mavis, the company behind the game, to sign transactions on its behalf during a period of rapid growth. The attacker got access to Sky Mavis’ systems, and used this access to steal a tremendous amount of cryptocurrency. 

The Ronin Network has locked down accounts while it investigates the hack, disallowing any users to get their funds out. Meanwhile, the network’s token RON is down over 20 percent over the last 24 hours.