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$540M Stolen in Second Biggest Crypto Hack in History

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Apr 11

$540M Stolen in Second Biggest Crypto Hack in History

  • Mon 11th Apr 2022
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Popular game Axie Infinity allows players to earn through cryptocurrency and NFTs, but disaster struck when it was hacked on March 23 last month, and $540m (£412m) was stolen.

More than $400m of the stolen funds were that of customers who had won digital coins playing the popular game Axie Infinity. But customers will now get their money back after a bail out by crypto giant Binance who have invested $150m into the firm. The rest of the money owed to customers will be covered from cash reserves.

The game is popular with players hoping to win cryptocurrency and non-fungible tokens (NFTs), and in some countries (such as in the Philippines) playing the game has even become a full-time job. Players can also swap the digital coins they earn with other cryptocurrencies such as Ethereum.

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Incredibly it took the firm six days to notice the theft, by which time the value of the coins had risen from $540m to $615m. The theft represents the second biggest crypto hack in history, and it is the latest in a number of high profile crypto heists to have taken place during the last year, during which time more than $2bn has been stolen.

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