Ronin hit by $615M crypto heist
It is reported to be one of the largest cryptocurrency heists on record.
'Digital gold' bitcoin hits 3-month high
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Bitcoin was trading around $47,000 Wednesday, paring gains after reaching a 3-month high.
The cryptocurrency snapped a 5-day winning streak on Tuesday.
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Bitcoin has had a strong month, gaining more than 13% month-to-date and the cryptocurrency is up more than 2% year-to-date.
The crypto community has endured another hacking incident, however.
Blockchain project Ronin said on Tuesday that hackers stole cryptocurrency now worth almost $615 million from its systems, Reuters reported.
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It is reported to be one of the largest cryptocurrency heists on record.
The project said hackers stole some 173,600 ether tokens and 25.5 million USD Coin tokens on March 23.
At current exchange rates, the stolen funds are worth $615 million, but were worth around $540 million at the time of the attack.
This makes it the second-largest crypto 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 all-time sales volume, according to NFT market tracker CryptoSlam.
The video will be auctioned as an NFT. (Getty Images)
Ronin said in a blog post that the hacker had used stolen private keys - the passwords needed to access crypto funds - to make off with the funds.
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Ronin did not immediately respond to a request for comment from Reuters.