We’ve all heard about pay-to-win games, where developers sell in-game items that give players a boost that helps them progress through the game, but recently there’s been a surge in a new model called Play -to Earn. This uses cryptocurrency and NFTs, where players can “invest” in a game and play it, and the more they play and the more successful they are, they can actually earn crypto, which they can then sell and make real money.
One of the most popular titles we’ve heard about is Axie Infinity, although unfortunately it appears the game has been hacked and hackers made off with 173,600 ETH, which is roughly just over US$600 million based on current conversion. Dollar equals one of the biggest crypto heists we’ve heard of so far.
It seems user error played a role in making this hack possible. What happened was that in 2021 the developers of the game asked Axie DAO to help in distributing free transactions to its players since they were unable to manage the user load themselves. Unfortunately, access to the allow list was not revoked after the help period ended.
This allowed the hackers to take control of the four validator nodes on the Ronin network, a sidechain that gives players access to the Ethereum blockchain, and fake the withdrawal requests. It seems that it was only when a user tried to withdraw 5,000 ETH that he realized he was hacked.
According to the game’s developers, “ETH and USDC deposits on Ronin have been deducted from the bridge contract. We work with law enforcement officials, forensic cryptographers and our investors to ensure no user funds are lost. That is our top priority at the moment.”
Filed in . Read more about Cryptocurrency, hack, security and social hit. Source: computer gamer
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