prolly nothing... Traders are shorting on FTX, but Axie hardly reacting https://www.theverge.com/2022/3/29/...ity-ronin-blockchain-validation-defi-hack-nft A hacker stole $625 million from the blockchain behind NFT game Axie Infinity 16 One of the largest ‘decentralized finance’ hacks yet By Adi Robertson and Corin Faife Mar 29, 2022, 1:58pm EDTShare this on Facebook (opens in new window) Share this on Twitter (opens in new window) SHAREAll sharing options Sky Mavis Roughly $625 million worth of cryptocurrency has been stolen from Ronin, the blockchain underlying popular crypto game Axie Infinity. Ronin and Axie Infinity operator Sky Mavis revealed the breach on Tuesday and froze transactions on the Ronin bridge, which allows depositing and withdrawing funds from the company’s blockchain. Sky Mavis says it’s working with law enforcement to recover 173,600 Ethereum (currently worth around $600 million) and 25.5 million USDC (a cryptocurrency pegged to the US dollar) from the culprit, who withdrew it from the network on March 23rd. The attack focused on the bridge to Sky Mavis’ Ronin blockchain, an intermediary between Axie Infinity and other cryptocurrency blockchains like Ethereum. Users could deposit Ethereum or USDC to Ronin, then purchase non-fungible token items or in-game currency, or they could sell their in-game assets and withdraw the money. According to Sky Mavis, an attacker used hacked private security keys to compromise the network nodes that validate transfers to and from the Ronin blockchain. That let the attacker quietly withdraw large quantities of Ethereum and USDC. The transfer was discovered today — nearly a week later — when another user attempted to withdraw 5,000 Ethereum through the bridge. exploded in popularity in the Philippines and other countries where players relied on it as a full-time job. The system was discontinued in December, but the permissions that allowed it were never revoked. In addition to compromising four of Sky Mavis’ own nodes, the attacker exploited them to get access to one managed by the community-owned Axie DAO. After compromising five of the nine validator nodes, the attacker could effectively override any transaction security and withdraw whatever funds they liked. Sky Mavis says it will increase the required number of nodes to eight for transactions, and it will reopen the Ronin bridge “at a later date” once it’s certain no more funds can be drained. For now, the Ronin breach appears to be the largest hack to date of “decentralized finance” networks, coming on the heels of a $322 million theft from the bridge protocol Wormhole last month. “As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats,” the company said in its announcement. “We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks.”
They will get him. After all, crypto isn't anonymous. The hacker will either return the funds or he will get caught
He has to return them, because you cant cash that stuff out. What's the point stealing something if you can't even convert it to fiat? Kinda stupid. Look how long the Crocodile of Wall Shit laid low, and even after washing the Bitfinex hack through a tumbler and other shenanigans... she got her ass busted as soon as she did the final conversion to fiat. That's going to be a real interesting case to cover, unfortunately it's been dwarfed by world war III right now so no one is talking about her and her scammy boyfriend.
I want to know how these guys are able to do these kind of things, the amount of brain power one must need to create the algorithms and the know how is just incredible. It's every other day you hear about another hacker getting in on some crypto ...
They might try using some dexes, hit up Tornado cash little bit at a time and do some cross-chain trades, i.e. Thorswap ,rinse repeat over the course of some time may be possible to get a few million $ every year ,but since it's going to take a couple of hundred years, might have to share it among the hacker team members and plan on passing on to heirs and stuff Crypto Twitter is saying pump up the NFT market place with some of the millions so if we get an NFT bull market, we know where the hackers got the idea (or maybe the hackers were on CT planting the seed) I thought that the money was returned for the Wormhole hack but saw a few times on Twitter that the Ethereum was replaced (by the Solana foundation?) Another way I see it is that Ethereum has gone up so much in value that $600M may seem like an enormous amount (which it is) but 173,000 Eth is achievable for many Ethereum whales, heck Ethereum was less than $100 two years ago during the March 2020 crash
Here is an idea of cashing out at least a few millions. Send 3-6 million to 100-200 well known addresses, including yourself as a donation. You probably set up a charitable address beforehand. Then at least you have a plausible deniability that you weren't the hacker just a lucky fellow. A usable 3 million is better than a locked up 600 million.
How do you think? I guess a smart way to make some money would be to ride this bull market and sell the Eth at a dex when the market reaches it's peak, then when we have another crash buy back the same amount of stolen Eth at the bottom and return it while the market is low. And keep whatever funds was profit. Its also very easy to get a new identity if you know where to look.
It won't work. If a legit charity that received the millions sold at exchange for cash, probably going to go through, but when the courts send judgement to the exchange, it would be found charity sold stolen goods (crypto assets) and will have to pay back And then investigation The hacker charity would go through the same process, but the investigation afterwards would be one that would do him or them in