600 million dollar cryptocurrency hack!

Hackers hacked 600 million dollars worth of cryptocurrency. This is the first such major hacking incident in the history of digital currency. With which the noise has fallen in the net world. They stole a blockchain network associated with online gaming company Axi Infinity. Which is worth 600 million dollars, 4542 crores in Indian currency.

According to a news portal report, the computers operated by Sky Mavis, maker of Axi Infinity and Axi DAO, are known as nodes. It acts like a bridge. Where the built software allows common people to exchange tokens. It also allows conversion of those tokens into dollars instead. This is where hackers attack. 173,600 Ether and 25.5 million USDS tokens were looted. Although the hacking incident took place on March 23, it was caught yesterday i.e. Tuesday.

Experts say this attack proves that cryptocurrency transactions are not completely secure. Much computer code is not regularly audited. Hackers exploit that loophole. There have been major hacking incidents in various areas before. But who or who is behind it has never come forward. Again, the identity of the validators who instruct the transaction is shrouded in mystery. There are thousands of bridges in the crypto world, where millions of dollars worth of crypto transactions take place.

The hacking incident took place on March 23. But it came to notice on March 29, i.e. 6 days later. Experts say that this incident clearly shows the need for early detection in the crypto world. In the words of Wilfred Day, head of the asset management branch of Securities Capital, ‘6 days have passed since the incident, but no one noticed. Even then, it can be understood how loosely the system is working. At least someone should be kept for surveillance. That will report if such an incident occurs’.

The price of Ronin, the token used in the Ronin blockchain, has fallen by about 22 percent since the hacking incident came to light. According to data from Coin Market Cap, the price of AXS, the token used by Axis Infinity, fell by about 8.5 percent. However, cryptocurrency exchanges and blockchain tracer chainanalysis are working together to find stolen crypto of huge value.

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