Many mixed reactions after the biggest “theft” in crypto history
However, as the NFT boom, the larger the capitalization of NFT products, the greater the risk as these projects become the target of many hackers. The world’s highest capitalization game Axie Infinity is the latest victim with an estimated stolen token value of over $600 million. This story has stirred up the online community in the past week.
At 10 pm on March 29, the official twitter of Ronin Network, an important branch in the ecosystem of Axie Infinity, announced it was attacked. The hacker made two money transfers, totaling 173,600 Ethereum and 25.5 million USDC. With a value of each ETH of 3.4 thousand USD, this cryptocurrency is equivalent to 615 million USD. This is considered one of the largest thefts in the 13-year history of the crypto industry.
After the incident was announced, the price of cryptocurrencies related to Axie Infinity also dropped, with AXS down 8% to $65/AXS, RON down 27%, and SLP down 7%. However, to this incident, there were mixed reactions. Some people expressed concern, but
Technology experts say that the calm attitude of the players is a normal reaction because the money is not stolen directly from their accounts. In a word, users deposit their tokens into an exchange to earn interest, like depositing savings in a bank. When the bank is robbed, the party that lost the money is the bank and they are responsible for finding the lost money to pay the sender. Most recently, Sky Mavis, the developer of the game Axie Infinity, confirmed that it will refund users related to the hack that caused the Ronin network to be taken away 615 million USD.
Sky Mavis representatives are also working with law enforcement, cryptographic investigators and investors to ensure all funds are recovered or refunded. The attack on Axie Infinity is the biggest but not the only one. Since 2021, there have been 7 similar cases in the top 10 most damaging cyberattacks when blockchain, NFTs are often tied to investors’ assets. Therefore, experts say that NFT has potential but will need to have commensurate investment in security technology.
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