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Saturday, 28 January 2023
A Look at How Hackers Stole $625 Million from Blockchain Game Axie Infinity

A Look at How Hackers Stole $625 Million from Blockchain Game Axie Infinity

2022-10-29

In 2018, the gaming industry was worth $124 billion. Blockchain could be the answer to making that market even larger. However, gamers who are interested in blockchain gaming shouldn’t get their hopes up just yet. The gaming industry is plagued by hacks and scams. Hackers often target new and upcoming games for their cryptocurrencies. In the case of blockchain gaming, hackers stole $625 million from the game “Axie Infinity”.

This article will explore how hackers stole $625 million from a blockchain game, and how other games have been hacked in the past.

How Hackers Stole $625 Million from a Blockchain Game

Axie Infinity, a blockchain game, was hacked in November 2018. The hackers stole $625 million worth of digital tokens. The stolen money was kept in an online wallet which the hackers controlled. The stolen funds belonged to 50 million players who owned a piece of the virtual dog Action, who was the in-game currency. The hackers used a “transaction replay” service to steal the money, and then they sold the stolen tokens. Transaction replays are a type of account hacking where the hacker resets the blockchain to replay past transactions. This includes transactions such as the receipt of tokens that the original owner never received, as well as other transactions such as the transfer of tokens that happened earlier than the actual transfer. The transaction replay service made it possible for the hackers to control the movement of tokens in the wallet. In addition, the hackers threatened to reveal the account IDs of people who reported the breach, which would have allowed them to steal more money.

How Hackers Stole $625 Million from a Crypto Game

Axie’s team was alerted to the breach when Nintendo, who develops the game, noticed a drop in funds in November. The hackers had been siphoning funds for one month. The team initially believed that only $5 million in total was stolen. After further investigation, it was found that the hackers had stolen $625 million worth of tokens. The hackers first breached a Japanese exchange called “Coincheck” in January 2018. The exchange was used to steal NEM coins, which were then used to target other exchanges. The hackers then used the stolen coins to gain access to Axie’s wallet.

Hacks in Gaming: Past and Present

In the early 2000s, cheats and hacks were common in gaming. During that time, many people were worried that the industry was headed for a crash. In order to prevent this, the government stepped in and passed the Unlawful Internet Enforcement Act. This made it illegal to share stolen video games or cheats, or to sell virtual goods for real money.

 

In the last 10 years, there were two large hacks that changed the way the gaming industry viewed hacks. The first was in 2011, when an unknown hacker stole more than $50 million worth of bitcoins from the “ft site” virtual world. Over the next several years, the hacker repeatedly stole more bitcoins from the virtual world. In 2014, the virtual world’s developer shut down the site. The hacker then attempted to sell the stolen bitcoins, but failed.

The other major hack was in 2015, when a group of hackers stole $50 million from the “Pro Evolution Soccer” (PES) franchise. PES is a FIFA competitor, and its franchise is owned by Konami, which also produces “Axie Infinity”. Both of these hacks showed that hackers can target blockchain games and steal millions of dollars worth of virtual currency. While it’s good to be skeptical of new blockchain games, people should also be careful when playing games that are old and have been around for a while.

How to Keep Your Game Secure

When developing a blockchain game, keep in mind that security is key. You need to make sure that the software you use to create your game is secure. This means that the programming code itself is secure, and that no one can breach the security of the system.

You also need to make sure that all of the software used to create your game is secure. This means that the development tools used by the engineers who created the game have been tested and are free of vulnerabilities. Games that have been pre-alpha, or early access, for a long time often have problems like this. It’s important to avoid pre-alpha games if you are investing serious money. Look for games that have been in beta for a while, have a low player-base, or have a small team.

Summary

Hackers are always looking for new ways to steal money from blockchain games. Make sure that you are keeping your software as secure as possible, and that you are using the latest version of your development tools. In addition, you should be careful when choosing a game to invest in. Pre-alpha games are often risky, and investing in old games is not a good idea. These types of hacks show that it’s important that developers focus on security when creating blockchain games. These hacks show that new blockchain games will face an uphill battle, as hackers are always looking for new ways to steal money.

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