Crypto News

AxieInfinity Co-Founder’s Wallets Compromised In $10.46M Hack

In a recent revelation, Jeffrey Zirlin, the co-founder of axieinfinity and the Ronin network, disclosed that two of his wallets fell victim to a hacking incident on Friday.

Zirlin emphasized that the breach was confined to his personal accounts and stressed that it did not impact the verification or operation of the Ronin chain.

According to insights from Lookonchain, the hacker targeted two wallets belonging to @Jihoz_Axie, making off with assets valued at $10.46 million. 

The stolen assets included 3.2 million RON tokens ($9.53 million), 282.32 WETH ($834,000), 160,000 PIXEL tokens ($87,000), 2.76 million SLP tokens ($10,000), 2,042 USDC, and 164 AXS tokens ($1,272).

Notably, all these assets were liquidated and converted into 3,249 ETH ($9.6 million), which were subsequently deposited into Tornado Cash.

Token Price Reaction Following Wallet’s Hack News

The impact of the attack was particularly felt by the Ronin token, which experienced a 9% decline in value over the past 24 hours, with over $9 million worth of tokens sold off as a result of the hack.

Despite the severity of the incident, Larsen emphasized that the compromised wallet was an isolated case. 

He underscored the robust security measures in place, highlighting the stringent audits conducted on the bridge and its automatic suspension mechanism in response to significant withdrawals.

The incident underscores the ongoing challenges and risks associated with cryptocurrency security, even within well-established networks like Ronin. 

As the investigation into the breach continues, stakeholders remain vigilant, emphasizing the importance of maintaining rigorous security protocols to safeguard against future threats and vulnerabilities in the evolving landscape of blockchain technology.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: serezniy/123RF // Image Effects by Colorcinch

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