Sky Mavis Founder Becomes Victim of Hacking, Loses IDR 137 Billion

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Zeffrey Zirlin, founder of Sky Mavis, the crypto company that developed the game Axie Infinity, suffered a hacking attack on Friday, February 18, 2024. As a result, around Rp 137 billion worth of digital assets were stolen by the perpetrators. Zirlin claims that this attack does not affect the Ronin network, a sidechain on which the game Axie Infinity is based.

Chronology of Attacks and Losses Inflicted

The hacking attack occurred on two private wallets belonging to Jeffrey Zirlin, co-founder of Sky Mavis. Using the hacked private keys, attackers managed to withdraw 3,248 Ethereum (ETH) from the wallet, and move them to Tornado Cash, a service that can hide traces of crypto transactions.

According to data from CoinGecko, the value of ETH stolen at that time reached Rp 137 billion. However, most of those funds are still in the attackers' wallets, and only a small percentage have been moved to crypto exchanges, according to an analysis from PeckShield, a blockchain security firm.

Zirlin revealed this attack through his Twitter account, and stated that this attack was limited to his personal account, and had nothing to do with the validation or operation of the Ronin network. It also confirmed that the leaked key had nothing to do with Sky Mavis' operation.

Sky Mavis co-founder Aleksander Leonard Larsen also confirmed on Twitter that Ronin Bridge, a facility that allows users to move digital assets to and from the Ronin network, has experienced no problems, and that this attack is a frequent case of wallet hacking in the crypto industry.

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Impact of the Attack on Sky Mavis and Ronin

The attack raised concerns among users and players of Axie Infinity, a crypto game that allows users to collect and maintain digital creatures called Axies, and earn income from selling or fighting with them.

Axie Infinity is one of the most popular crypto games in the world, with more than 10 million monthly active users, and a daily trading volume of $100 million (IDR 1.4 trillion). The game uses the Ronin network as its base, which is a sidechain connected to the Ethereum network, and offers faster and cheaper transactions.

Also Read: What is Ronin (RON)? Get to know 5 projects in the Ronin ecosystem

This attack shows how important security is in the ever-evolving crypto environment. Sky Mavis said it had taken steps to strengthen the security of their wallets and networks, as well as cooperating with authorities to pursue the perpetrators. Sky Mavis also promised to compensate users affected by this attack.

Meanwhile, this attack is also a reminder for crypto users and players to always be careful and vigilant against hacking threats. Users and crypto players are advised to use trusted wallets and services, and protect their private keys well. Thus, the risk of losing digital assets can be minimized.

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.