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Hackers Target Bridges Between Blockchains for Crypto Heists

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Hackers exploited the Ronin Network, software that allows players of the ‘Axie Infinity’ online game, pictured here, to transfer digital assets across different blockchains.

Credit: Sky Mavis Ltd.

\Hackers pulled off a $540-million cryptocurrency heist by exploiting Ronin Network software that lets players of the online game "Axie Infinity" transfer digital assets across blockchains.

Ronin developer Sky Mavis said the hackers used a social engineering exploit to acquire the five keys needed to access Axie Infinity's underlying bridge.

Blockchain analytics firm Elliptic estimates that decentralized financial systems saw at least $10.5 billion in losses last year due to crime, including stolen funds and falling prices in cryptocurrency offered by hacked systems.

Blockchain experts said with cross-chain projects attracting capital and energy, security tools are under pressure to keep up.

From The Wall Street Journal
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