A $625 million-heist has left crypto community baffled!

economictimes.indiatimes.com:

crypto world was rocked by one of the largest hacks in Web3 history with about $625 million exploit from Ronin — the blockchain to the wildly popular Axie Infinity play-to-earn game. Axie developer Sky Mavis announced in a blog post that the exploit resulted in losses of over 173,600 Ether and 25.5 million USD Coins, a stablecoin pegged to the US Dollar, total worth more than $625 million by then. Recently, there has been a sharp spike in the digital thievery and hacks, parallel to the interest in the cryptocurrency. The new age technology is hosting a number of tech savvy thieves.

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Ganesh Kompella, Venture Partner, Tykhe Block Ventures said that crypto sentiment in general remains unaffected with such hacks. However, Axie and the gaming sector might be heading for a leg down. «If we look deeper, the number of hack attempts on the chain bridges are increasing. Bridges are high-value targets for attackers, bridge security is more important than ever,» he added. Indeed, the crypto community has expressed befuddlement at the attacker’s laundering strategy. However, they suggest investors to be more cautious and protective for their investments. It is important for crypto traders to have complete control of their tokens. One can never rely completely on an exchange or any service provider for the tokens they hold, said Domendra Verma, Co-founder, RocketX Exchange. Market experts said that the hack happened and was undetected for almost 6 days, till some random trader looked at the chain data. The team could have built better protection and detection mechanisms, they say.