A blockchain expert explains how North Korea's $625 million crypto hack happened~!!

The massive Ronin Network crypto heist shouldn't be a deterrent to widespread crypto adoption, according to experts, who faulted a lack of cybersecurity rather than a flaw in blockchain technology.

Ronin is a blockchain protocol linked to Axie Infinity, a popular play-to-earn game with $4 billion in NFT sales that sees over 2.8 million players logging on each day. Ronin said in a Tuesday blog post that the attacker stole roughly $625 million in crypto, draining 173,600 ether and 25.5 million USDC.

The heist, which wasn't detected until almost a week after it occurred, is believed to be one of the biggest in the history of crypto and highlights the sector's immense risks.

"A hack used to mean loss of passwords and usernames, but in the age of crypto it means the loss of life savings," Ari Redbord, head of legal and government affairs at blockchain research firm TRM, told Insider. "Bank robbery at the speed of the internet."

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Last Edited by Crusade Inc on 04/18/2022 07:48 PM