%Blockchain %ProjectRonin says that hackers stole $615 million U.S. from its system in what is being called one of the largest ever %Cryptocurrency thefts.
The project said that unidentified hackers stole 173,600 %Ethereum ($ETH) tokens and 25.5 million USD Coin tokens. At current prices, the stolen funds are worth $615 million U.S.
That makes the Ronin hack the second-largest cryptocurrency theft on record, according to blockchain analysis firm Elliptic.
Ronin is used to power the popular online game “Axie Infinity,” which uses non-fungible tokens (%NFTs) and is the biggest NFT collection by sales volume, according to NFT market tracker %CryptoSlam.
Ronin said in a blog post that the hackers had used stolen private keys, which are the passwords needed to access crypto funds, to pull off the digital heist.
Ronin said it is working with major blockchain tracker %Chainalysis to trace the stolen funds. Most of the funds are still in the hacker’s digital wallet, Ronin said.
Thefts continue to plague cryptocurrency platforms around the world. The cryptocurrency arm of Jump Trading said last month that it had restored more than $320 million U.S. to cryptocurrency platform Wormhole after the decentralized finance site was hit by hackers.
Last August, hackers returned nearly all of the $610 million U.S. they stole from the decentralized finance site Poly Network.