Technology

Crypto Hacks Aren’t a Niche Concern; They Impact Wider Society

The attack against the Ronin Network in March was quickly speculated to be one of the largest cryptocurrency hacks of all time. Approximately $540 million was stolen from the cryptocurrency and NFT games company in a combination of USDC and Etherium, with $400 million of the stolen funds owned by customers playing the game Axie Infinity. This attack was the latest in a string of thefts perpetrated against crypto and should be a jolt to both the digital asset and cybersecurity communities to bring the security of cryptocurrencies into line. The current vogue of large-scale crypto heists goes as far back as the 2014 Mt. Gox hack (another cryptocurrency exchange built around a game, Magic: The Gathering), which went into bankruptcy after losing $460 million of assets. However, the trend has been gathering pace. In the months leading up to the Ronin Network attack, cybercriminals stole nearly $200 million worth of cryptocurrency from the crypto trading platform BitMart, attacked 400 Crypto.com users, and orchestrated NFT-related scams, to name but a few incidents.

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