{"id":576572,"date":"2024-02-23T17:00:32","date_gmt":"2024-02-23T17:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=576572"},"modified":"2024-02-23T14:53:01","modified_gmt":"2024-02-23T14:53:01","slug":"axie-infinity-co-founder-losses-over-10-million-in-hack-axs-holds-firm","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/axie-infinity-axs\/axie-infinity-co-founder-losses-over-10-million-in-hack-axs-holds-firm\/","title":{"rendered":"Axie Infinity Co-Founder Losses Over $10 Million In Hack, AXS Holds Firm"},"content":{"rendered":"

Two personal crypto wallets belonging to Jeff “Jihoz” Zirlin, the co-founder of Sky Mavis, the company behind the popular play-to-earn (P2E) game Axie Infinity, have been compromised,\u00a0<\/span>reports<\/span><\/a>\u00a0on February 23 show. <\/span><\/p>\n

Following this hack, over $10 million worth of various crypto assets were stolen, primarily RON, the native token of Ronin Chain, the Ethereum sidechain designed explicitly for Axie Infinity.<\/span><\/p>\n

Axie Infinity Co-Founder Losses Over $10 Million In Hack<\/span><\/h2>\n

According to Lookonchain\u00a0<\/span>data<\/span><\/a>, the hacker got away with 3.2 million RON worth over $9.53 million. The co-founder also lost over $834,000 worth of Wrapped Ethereum (ETH). There were other small amounts of PIXEL, the native token of Pixels–a gaming platform; SLP, the coin priming Axie Infinity’s metaverse; and USDC, a stablecoin.\u00a0<\/span><\/p>\n

\"RON
RON outflows from Zirlin’s wallet | Source: Lookonchain via X<\/figcaption><\/figure>\n

 <\/p>\n

Zirlin held around 164 AXS worth less than $1,300. The hack has shown an unexpected holding pattern, especially among project founders. That the co-founder only held 164 AXS is strange, considering the role played in Axie Infinity. The P2E game has distributed billions of assets since its popularity peaked in the last bull cycle.<\/span><\/p>\n

Related Reading: Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines<\/a><\/div>\n

Stolen assets, Lookonchain data reveals, were reportedly converted to ETH and deposited into Tornado Cash, a crypto mixer whose co-founders have an ongoing court case<\/a> in the United States. <\/span><\/p>\n

In charges brought forward in August 2023, the prosecution team alleges that North Korean hackers used Tornado Cash to launder millions, if not billions, of dollars worth of stolen coins. Some of these tokens were from the Ronin hack, which lost over $600 million in March 2022.\u00a0<\/span><\/p>\n

Dedicated To Mission; RON And AXS Post Minor Losses<\/span><\/h2>\n

Zirlin confirmed the hack on X on February 23, emphasizing that it was “limited to my accounts.” The hack did not affect the Ronin chain or Sky Mavis operations. The co-founder also added that the compromised private keys were not connected to the company’s internal systems. <\/span><\/p>\n

Related Reading: Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000<\/a><\/div>\n

Zirlin said they have “strict security measures in place for all chain-related activities to assuage fears.” T<\/span>he co-founder also remains upbeat, assuring concerned crypto community members that the project will continue pursuing its mission of bringing “economic freedom” to all users. <\/span><\/p>\n

\"AXS<\/a>
AXS price is moving sideways on the daily chart | Source: AXSUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

So far, AXS and RON prices remain stable but lower, looking at the performance in the daily chart. AXS and RON have been edging lower since February 21, cooling off<\/a> after sharp gains from early Q4 2023.\u00a0<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Two personal crypto wallets belonging to Jeff “Jihoz” Zirlin, the co-founder of Sky Mavis, the company behind the popular play-to-earn (P2E) game Axie Infinity, have been compromised,\u00a0reports\u00a0on February 23 show. Following this hack, over $10 million worth of various crypto assets were stolen, primarily RON, the native token of Ronin Chain, the Ethereum sidechain designed explicitly for Axie Infinity. Axie Infinity Co-Founder Losses Over $10 Million In Hack According to Lookonchain\u00a0data, the hacker got away with 3.2 million RON worth over $9.53 million. The co-founder also lost over $834,000 worth of Wrapped Ethereum (ETH). There were other small amounts of PIXEL, the native token of Pixels–a gaming platform; SLP, the coin priming Axie Infinity’s metaverse; and USDC, a stablecoin.\u00a0   Zirlin held around 164 AXS worth less than $1,300. The hack has shown an unexpected holding pattern, especially among project founders. That the co-founder only held 164 AXS is strange, considering the role played in Axie Infinity. The P2E game has distributed billions of assets since its popularity peaked in the last bull cycle. Related Reading: Arbitrum In Freefall, Dips Below $2 As Experts Analyze Recovery Timelines Stolen assets, Lookonchain data reveals, were reportedly converted to ETH and deposited into Tornado Cash, a crypto mixer whose co-founders have an ongoing court case in the United States. In charges brought forward in August 2023, the prosecution team alleges that North Korean hackers used Tornado Cash to launder millions, if not billions, of dollars worth of stolen coins. Some of these tokens were from the Ronin hack, which lost over $600 million in March 2022.\u00a0 Dedicated To Mission; RON And AXS Post Minor Losses Zirlin confirmed the hack on X on February 23, emphasizing that it was “limited to my accounts.” The hack did not affect the Ronin chain or Sky Mavis operations. The co-founder also added that the compromised private keys were not connected to the company’s internal systems. Related Reading: Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000 Zirlin said they have “strict security measures in place for all chain-related activities to assuage fears.” The co-founder also remains upbeat, assuring concerned crypto community members that the project will continue pursuing its mission of bringing “economic freedom” to all users. So far, AXS and RON prices remain stable but lower, looking at the performance in the daily chart. AXS and RON have been edging lower since February 21, cooling off after sharp gains from early Q4 2023.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":522903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86128],"tags":[83848,83875,86590,83876,2147,2276,85438,88362,91299,86331,91300,86642],"class_list":["post-576572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-axie-infinity-axs","tag-axie-infinity","tag-axs","tag-axs-price","tag-axsusdt","tag-gaming","tag-hack","tag-p2e","tag-ron","tag-ronin","tag-ronin-hack","tag-ronin-price","tag-tornado-cash"],"acf":[],"yoast_head":"\nAxie Infinity Co-Founder Losses Over $10 Million In Hack, AXS Holds Firm<\/title>\n<meta name=\"description\" content=\"Axie Infinity co-founder 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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