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Hackers Target Bridges Between Blockchains for Crypto Heists

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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