World’s Biggest Crypto Exchange Platform, Binance Raises N62.2bn For Victims of N249bn Crypto Hack

World’s Biggest Crypto Exchange Platform, Binance Raises N62.2bn For Victims of N249bn Crypto Hack

  • At last, reprieve has come for victims of last month's $625 million cryptocurrency hack at Axie Infinity
  • The hack which went undetected for six days affected accounts with millions of dollars worth of cryptocurrencies
  • Binance, the world's biggest crypto exchange platform is leading the reimbursement drive along with Animoca Brands, a16z, Dialectic and Paradigm.

Victims of last month's $625 million cryptocurrency heist will smile to the bank as the world’s biggest crypto exchange platform, Binance is leading a $150 million reimbursement drive to compensate victims of Axie Infinity gaming company.

Changpeng Zhao, the CEO of Binance said the company is helping to raise the funds for Sky Mavis, the Vietnam-located gaming company running the Play-to-Earn (P2E) Platform.

Binance, Crypto hack, Axie Infinity, Blockchain
Binance leads a rescue fund for victims of crypto hack Credit: Bill Hinton
Source: Getty Images

Binance to the rescue

The funding round is a bailout for the victims of $625 million heists on the Sky Mavis dedicated blockchain, the Ronin Network. Other funders of the round include Animoca Brands, a16z, Dialectic and Paradigm.

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A press release by Sky Mavis said the round, in a combination with its balance sheet funds, will be channelled to the victims who are affected by the Ronin Validator hack.

Last week Axie Infinity, makers of one of the most famous blockchain-related online games, announced on Tuesday, March 29, 2022, that hackers were able to steal assets valued at $625 million, over N249 trillion, from it and its players.

World's largest crypto theft

The heist has become one of the largest in the history of the nascent cryptocurrency industry decentralized online gaming, which has spiked in popularity recently.

NBCNews said that the thieves targeted Ronin, a blockchain service operated by Axie Infinity, an online game attracting about 2 million users daily and seeing tens of millions of dollars in daily sales volume.

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In a blog post, Ronin said that the thieves took over the network and sent about 173,600 ethers valued at about $600 million to an unknown Ethereum wallet.

Hackers target and steal N249 trillion worth of cryptocurrency from gaming company, Axie Infinity

Legit.ng has reported that Axie Infinity, makers of one of the most famous blockchain-related online games, announced on Tuesday, March 29, 2022, that hackers were able to steal assets valued at $625 million, over N249 trillion, from it and its players.

The heist has become one of the largest in the history of the nascent cryptocurrency industry decentralized online gaming, which has spiked in popularity recently.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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