Welcome to the Tech Meme Right Home for Wednesday, March 30th, 2022. I'm Brian McCullough.

Today, I explain the latest, biggest crypto hack of all time, this time affecting Axi Infinity.

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The Ronan Network, which supports Sky Mavis's Axi Infinity game, says it was hacked, and 173,600 eith and 25.5 million dollars worth of USDC was stolen.

So altogether that means more than 600 million dollars has been stolen. Now again

depending on how you frame this this is one of the biggest crypto hacks ever and

this is particularly notable because Axi infinity was seen as one of the wild success stories of this generation of crypto projects.

A play-to-earn game doing 3.5 billion dollars in NFT transactions last year back in October.

They raised a ton of money from A16Z and others at what was rumored to be a 3 billion dollar

valuation, so yeah, this one's big, quoting Coin Desk.

According to a blog post published by the Ronan Network's official sub-stack,

the exploit affected Ronan Validator nodes for Sky Mavis,

the publishers of the popular Axi Infinity game and the Axi Dow.

An attacker, quote, used hacked private keys in order to forge fake withdrawals from the Ronan

Bridge across two transactions as seen on Ether scan. While the Ronan side chain has nine

validators requiring five signatures for withdrawals it is meant to protect

against these types of attacks. The blog post notes that quote quote, the attacker found a back door through

our gas-free RPC node, which they abused to get the signature for the Axi-Dowel

...