March 31, 2022

Ronin Network suffered a cyber attack in which hackers hijacked $540 million worth of cryptocurrency. The stolen money has risen with the price of cryptocurrencies to about $615 million.

The hack, considered one of the largest, is the latest in a series of mass crypto attacks over the past year that have totaled well over $2 billion.

While crypto thrives on anonymity and lack of regulation, hackers ultimately use these loopholes to successfully steal millions of dollars worth of cryptocurrencies.

For Tom Robinson, cryptocurrency companies are “huge honeypots for hackers” for many reasons.

This includes the fact that stolen assets are irreversible and therefore difficult to recover.

In addition, the attackers are guaranteed to earn a huge amount of money without going through the difficulties of negotiating with hacked organizations.

Coupled with the fact that majority of crypto activities is unregulated, there is a limit to what law enforcement can do.

These factors therefore favour successful hacker attacks. Moreover, the successful hacker operations could trigger a new wave of hackers pouring into crypto, ruining the future capabilities and trust in digital assets.

For more information, read the original story in BBC.