More than $600 million cryptocurrency has been stolen from Axie Infinity
In cryptocurrency news, $600 million dollars was recently stolen in a cyber phishing attack on the makers of Axie Infinity. The funds were apparently stolen from various cryptocurrency exchanges over a period of several months. This is one of the largest cryptocurrency thefts to date and highlights the need for better security measures when storing and trading digital assets. While the details of the attack are still being investigated, it seems clear that more needs to be done to protect users from these types of scams. In the meantime, cryptocurrency exchanges and users should be extra vigilant in order to avoid becoming victims of cybercrime.
What is Cryptocurrency?
Cryptocurrency is a digital currency system based that doesn’t depend on banks to verify transactions. It’s a peer-to-peer structure that can allow anyone anywhere to send and receive payments. Instead of being physical money carried around it is replaced as cryptocurrency payments exist that are pure as digital money to an online database describing specific transactions. Cryptocurrency is kept in digital wallets.
What is Axie Infinity?
Axie Infinity is recognized as the front-runner in NFT gaming. In-game digital assets such as the Axie creatures are represented by NFTs. Axie Infinity is a blockchain-based game in which players buy NFTs of cute monsters and then compete them against each other in battles. Players can earn SLP tokens throughout gameplay and trade them for money in exchange.
Who Stole Axie's Infinity's Cryptocurrency?
The hackers targeted Ronin, a blockchain service run by the owners of Axie Infinity recognized as the front-runner in NFT gaming. In-game digital assets such as the Axie creatures are represented by NFTs. These cryptographically inimitable tokens, as discussed, grants ownership and allow the player to trade axis on the game’s marketplace for real money. The hackers were also able to pull out about $25 million of USD coins or around $600 Million Cryptocurrency.
How Axie Infinity's cryptocurrency is stolen?
The Ronin hacker used stolen private keys and the passwords needed to access the crypto funds of the company. In a blog post after aiming computers connected to its network, Ronin said that confirmed transactions.
Why is Cryptocurrency an eye-catcher for thieves?
Cryptocurrency is a particularly attractive target for thieves since it is decentralized, anonymous, and highly liquid. Because cryptocurrency transactions are logged on a disseminated public ledge which is called Blockchain, they are irreversible and do not require any kind of third-party verification or approval. This makes the method of transferring money more convenient and efficient. However, it also makes the funds in a wallet vulnerable to theft: if someone takes advantage and access your private key, they can steal your Cryptocurrency without having to go through a bank or credit card company first.
In addition, Cryptocurrency is anonymous by default, but this feature can be turned off. Because users’ identities are not secured to their public keys, it can be difficult, if not impossible to identify the thief responsible for a theft.
Takeaway!
Cryptocurrencies are becoming more popular every day, but the fact that they’re digital means they’re also susceptible to theft; there are a few tips on how to secure your Cryptocurrency and protect yourself from online criminals. Comment below with your own best practices for keeping your crypto coins safe!
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