Axie Infinity Postpones ‘Origin’ Launch After Millions Of Exploitation – DailyCoin

Axie Infinity developer delays major upgrade after crypto heist social

Sky Mavisthe developers behind ‘Axie Infinity’ have delayed the release of the game’s highly anticipated update after their network was hacked. The theft, resulting in losses of more than $600 million worth of cryptocurrencies, was revealed by the company on Tuesday 29th.

An updated version of the much-loved game, ‘Axie Infinity: Origin’ is now slated to launch a week later than the developers originally announced. The decision comes after hackers got away with about $622 million in digital funds scammed by the Ronin Network side chain.

The NFT-based pet fighting game update was originally scheduled to launch on Thursday, March 31. Due to the theft that happened on March 23 and was only discovered this week, Axie infinity: Origin will be released on April 7 instead.

The Vietnam-based startup unveiled in a statement Which:

“While the game is set for a soft launch, we have decided to give the engineering and security team an additional period of time to fully investigate the full implications of the breach, before drawing their full attention in supporting the launch. of Origin.”

The hacker took the opportunity to bypass the security system of the Ronin network, connected to Ethereum, and drain about 173,600 ETH and another 25.5 million USDC stablecoins.

The attack went undetected for some time and was only discovered when a user tried to withdraw 5000 ETH stored in that parallel chain but failed.

According to Sky Mavis’ explanation, the exploit was achieved by the criminal using “hacked private keys” to gain control of five of the nine validators needed to sign transactions through the Ronin network.

Stolen money will be refunded

After the developer was made aware of the exploit, the developer proceeded to temporarily suspend the bridge connecting Ronin to Ethereum and the decentralized exchange of Katana (DEX) to prevent another attack.

The studio said it would ensure “all funds are recovered or refunded” to their original owners, and is working with both the relevant authorities and blockchain research firm Chainalysis to track down those responsible.

A number of crypto exchange companies have pledged support to Sky Mavis to help find the hackers. Meanwhile, the company has assured users that the company’s remaining funds are safe.

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