Axie Infinity Hacked, Founder Loses Nearly $10 Million in Ethereum

Crypto hackers strike again and this time it is one of the owners of a major hack Metaverse Platform was targeted.

Jeff “Jihoz” Zirlin, one of the founders of the popular game Axie Infinity (AXS) and the Ronin (RON) network, has been hacked.

The founder of Axie Infinity had nearly $10 million worth of Ethereum stolen

Two Zirlin crypto wallets were stolen, a cybersecurity firm reports PeckShield on February 23rd. In total, a whopping 3,248 Ethereum (ETH) worth around $9.6 million or €8.9 million were stolen.

PeckShield initially reported that the Ronin network had been hacked. Ronin is a purpose-built blockchain network built on top of the Ethereum network. Using the Ronin Bridge, assets can be easily moved between both networks.

The Ronin network has already been the target of the largest hack ever in the crypto industry. In 2022, a whopping $625 million was siphoned off the platform.

The news of PeckShield therefore immediately caused great fear and one of Ronin’s other co-founders, Aleksander Larsen, was not happy about it.

He replied immediately that the Ronin Bridge is well secured and is designed to automatically pause when unusually large transactions are detected.

Stolen Ethereum Sent to Tornado Cash, Ronin Price Plummets

He then reported that it was probably a wallet hack. Shortly afterwards, PeckShield confirmed this and removed the original message. The hack was then carried out by Zirlin himself confirmed:

“It was a tough morning for me. Two of my addresses were compromised.

The attack is limited to my personal accounts and has nothing to do with the validation or operation of the Ronin chain.

I would like to assure everyone that we are taking strict security measures for all chain-related activities.”

How the private keys leaked, however, is not disclosed by the founder. PeckShield reports that the stolen amount was split between three different wallets and ultimately forwarded to Tornado Cash.

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Tornado Cash is a so-called crypto mixer, a service that mixes transactions in such a way that traceability is almost impossible.

Despite assurances that the Ronin network is secure, the RON price still fell sharply last night. The price fell from $3.18 to $2.63, a drop of more than 17% in just a few minutes.

The price has since recovered to $3, leaving RON still down 8%. AXS price didn’t take that hit, but is still down 1% to $7.75 today.

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