Blockchain & Exchange

Binance CEO Confirms Aid to Axie Infinity Team after Latest Hacking

Binance CEO Confirms Aid to Axie Infinity Team after Latest Hacking

Changpeng Zhao took to his official Twitter account yesterday, Tuesday, March 29, to announce his company’s assistance extended to the team behind Axie Infinity.


The Binance chief executive officer and founder tweeted his message after the latest hacking incident involving over US$600 million in cryptocurrencies stolen from Axie Infinity’s Ronin Network.


We find it heartwarming to learn about Binance CEO and founder Mr. Changpeng Zhao declaring his group’s aid to Axie Infinity’s developers.


We believe our readers, especially those engaged with either or both the largest cryptocurrency exchange by trading volume and the play-to-earn gaming outfit, will also find this report important to read today.


Zhao delivered his message to his more than 5.4 million social media followers at the time of writing on his official Twitter page with the handle is @cz_binance.


The Chinese-Canadian business executive relayed that his team is in touch with the Axie Infinity group, giving assistance in tracking the hacking issue.


According to the news posted online by British daily newspaper The Financial Times, the group behind the Ronin Network confirmed yesterday that they had found a security breach leading to 25.5 million USD Coins and 173,600 Ether tokens getting removed by unidentified cyberattackers from the system last Wednesday, March 23.


The Ronin Network is a program that permits users to transfer assets in and out of Axie Infinity. The group confirmed that it discovered the hack yesterday following a user’s unsuccessful attempt to withdraw 5,000 Ether worth roughly US$17 million, six days after the cyberattack happened.


In a blog post, the Ronin Network pointed out that the hacker had targeted computers helping process transactions on the network or “validator nodes.” Additionally, this cyberattacker utilized “hacked private keys” to withdraw the funds.


The Ronin Network remarked that it is collaborating with its investors, law enforcement officials, and forensic cryptographers to ensure all their customers’ funds get reimbursed or recovered.


Furthermore, it mentioned increasing the “validator threshold” essential in approving transactions from five to eight, out of a total of nine validators, to avoid further short-term damage.


We find this report involving Binance chief executive officer Mr. Changpeng Zhao relieving.


With Binance’s strong infrastructure, we believe that they can greatly assist the Ronin Network and Axie Infinity developers in helping recover the over US$600 million in cryptocurrencies that virtual currency hackers pilfered from the digital ledger powering the popular cryptocurrency game.


We also want to advise our followers engaged in playing Axie Infinity to always be careful in their transactions.


Since online thefts targeting cryptocurrencies are rampant these days, we recommend they be cautious, especially if they decide to spend much of their money on the virtual currency-related game.

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