Analysis of Axie Infinity Co-founder’s Crypto Hack
Recently, two personal crypto wallets belonging to Jeff “Jihoz” Zirlin, co-founder of Axie Infinity, were compromised in a hack resulting in the loss of 3,248 ETH, approximately worth $9.7 million.
Details of the Hack
- Zirlin confirmed the attack on his personal wallets and clarified it was unrelated to the Ronin chain.
- The incident occurred on the Ronin Bridge, which is part of a blockchain designed for gamers like Axie Infinity.
- Ronin functions as an EVM blockchain compatible with Ethereum.
- No evidence suggests that the Ronin chain itself was compromised.
The History of Axie Infinity
- Despite this recent hack, Axie Infinity has no direct involvement in the security breach.
- In a previous attack in March two years ago, private keys were stolen from addresses on the Ronin Bridge, leading to a significant theft.
- The hackers targeted validation nodes of the Sky Mavis network during that incident.
- Since then, Ronin’s security measures have been strengthened to prevent future breaches.
Impact on AXS Token
- The AXS token linked to Axie Infinity remains unaffected by the recent hack on Zirlin’s wallets.
- The price of AXS has been declining and currently stands at $7.7 after reaching highs of $165 during a previous bull run.
- Various factors, including speculative bubbles and past hacks, have influenced AXS’s market performance over time.
Hot Take: Ensuring Security in Crypto Investments
As a crypto investor, it’s crucial to prioritize security measures to safeguard your assets against potential hacks or breaches. Stay informed about the latest developments in blockchain technology and take proactive steps to protect your investments from vulnerabilities.
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