$615 Million Ronin Network Hack and 4 Mega Crypto Crimes of 2022

• Axie Infinity’s Ronin Network announced on Tuesday that it had lost about $615 million in USDC after suffering a hack

• The incident was discovered on Tuesday after a user was unable to withdraw $5,000 worth of ether from the platform

• We take a look at the Ronin Network hack and the 4 other biggest crypto crimes of 2022

Axie Infinity’s Ronin Network announced via a blog post on Tuesday that it had lost around $615 million after infiltration by hackers. The security breach which is one of the biggest Defi hacks of all time was confirmed by Axie Infinity’s Discord and Twitter accounts. In this article, we will see how this gigantic crypto hack compares to others in 2022.

5. Lympo NFT $18.7 million

On January 10, sports NFT minting platform, Lympo suffered a security breach that resulted in the loss of $18.7 million worth of cryptocurrency. The hackers managed to gain access to the company’s hot waller and stole approximately 165.2 million LMT.

According to a Medium update at that time, 10 different project wallets were compromised and most of the stolen tokens were sent to a single address and swapped for ETH.

4. Crypto.com $30 million hack

On January 17, popular cryptocurrency exchange, Crypto.com was breached by hackers who managed to siphon more than $30 million in Bitcoin and Ethereum.

According to a blog post released by the cryptocurrency company, 483 customers had their accounts compromised, allowing the cybercriminals to carry out unauthorized withdrawals. 4,836.26 ETH and 443.93 BTC worth $15.2 million and $18.6 million respectively were stolen.

3. $80 million Qubit Defi exploit

On January 27, an attacker manager to siphon more than $80 million worth of cryptocurrency tokens from Qubit Finance, a DeFi protocol that serves as a cross-chain bridge between BSC and ETH.

The malicious hacker managed to net 77,162 qXETH and leveraged the stolen coins to buy 15,688 wETH ($37.6 million), 767 BTC-B ($28.5 million), and $9.5 million in stable coins. $5 million in CAKE, BUNNY, and MDX were also acquired.

Read also: Lionel Messi Signs $20 Million Mega Crypto Deal With Socios

2. $321 million Wormhole crypto hack

On February 2, another cross-blockchain bridge, Wormhole was attacked by hackers. The cybercriminals managed to escape with 120,000 wETH tokens, as well as Solana and USDC tokens.

At the time of the hack, the Ethereum stolen was worth $251 million, while the lost SOL and USDC tokens were put at $47 million and $4 million estimates respectively. The Wormhole exploitation was the biggest of the year before this shocking attack on Ronin Network.

1. Ronin Network $615 million hack

There you have it, Ronin Network’s $615 million hack is the biggest cryptocurrency hack of 2022. The exploit which resulted in the loss of $615 million in USDC was discovered on Tuesday after a customer tried to make a withdrawal on the platform and it failed.

According to Blockchain Intelligence Group, about $17 million of the stolen money was moved by the hackers to exchanges such as FTX and Huobi. Creator, Sky Mavis has promised to ensure the recovery of stolen funds and reimbursement to affected users.

Ronin Network is the network of Axie Infinity, a blockchain-based game that allows users to earn digital creatures called “Axies”. Users can also earn from Axie Infinity by selling their Axie NFTs to other users.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news.