Blockchain Monthly Highlights: $625 Million Hack Hits Game, Biden Seeks Crypto Strategy –

A major hack of play-to-earn blockchain game Axie Infinity shows the market’s continued vulnerability. In the US, President Joe Biden signed a crypto-related executive order.
This past month, an attack of unprecedented magnitude showcased the weaknesses still present in the blockchain-based gaming market.
In another historic event, the White House announced it wants to know more about cryptocurrencies, and in order to do so it will leverage its expertise alongside various government agencies.
Here the Investing News Network (INN) offers a recap of what to know about the blockchain business and cryptocurrencies in the month of March.
Vietnam’s Sky Mavis, the developer of the play-to-earn blockchain game Axie Infinity, was the victim of a $625 million hack involving a combination of USD Coin and ethereum.
The attack was directed at the Ronin Network, which was developed by Sky Mavis and allows Axie Infinity players to conduct crypto transactions, acting as a bridge between the game and the ethereum blockchain.
A post from Ronin Network confirms the attack was directed at Sky Mavis, the maker of the game.
The hack took place on March 23, but the developers only became aware of it on March 29.
“The fact that nobody notices for six days screams aloud that some structure should be in place to watch illicit transfers,” Wilfred Daye, head of Securitize Capital, told Bloomberg.
The breach seems to have been traced back to a sidestep Sky Mavis took in order to accommodate the growing popularity of the game. In a report, Ars Technica explains:
In a breakdown of what experts think the hacker will be able to do with the takings, CoinDesk quotes Adrian Hetman, a DeFi expert at Immunefi. “Laundering $600 million, I don’t think it’s possible,” he said.
At the start of March, US President Joe Biden signed a new executive order focused on tasking federal agencies with reviewing the risks and benefits of cryptocurrencies in order to better lay out a strategy around digital coins.
Among the priorities for Biden, consumer protection is top of mind. The cryptocurrency market has been ripe for scams and other pitfalls for investors looking to get involved.
The order states that it will focus on the following areas:
Alongside these directives, the executive order is asking the US Department of the Treasury to build up policy recommendations for the White House to unite on. According to a report from Bloomberg, the Biden administration appears to be split on how to best approach cryptocurrency policy.
Beyond the Axie Infinity incident, this year has already been packed with hacks and attacks on cryptocurrency opportunities, and they can teach investors a variety of lessons.
Another recent attack came from hackers who stole US$50 million from Cashio, a self-described algorithmic stablecoin found in the public blockchain Solana.
In a surprising turn of events, the hackers announced they would be refunding victims of their attack.
“The intention was only to take money from those who do not need it, not from those who do. Will be using the ETH gains to return more funds to those affected, even some accounts more than (US$)100k,” the group said, according to a report from Motherboard.
Does the act by these hackers mimick the tales of Robin Hood? It remains to be seen, but one thing’s for sure — we haven’t seen the last of these blockchain hacks.
Don’t forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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