Ronin Network: What a $600m hack says about the state of crypto

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Ronin Network: What a $600m hack says about the state of crypto
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The hack of the Ronin Network crypto platform leaves thousands out of pocket and plenty of questions.

In the game, players fight cartoon pets called Axies to earn cryptocurrency.

It says a hacker transferred $540m worth of cryptocurrency to themselves six days ago, but the company only noticed on Tuesday when a customer was unable to withdraw their funds. It has also disabled comments on its company posts on social media, and the BBC has not had any replies from the many requests for comment sent to company bosses."I just have to wait to hear from them if and when it'll be fixed, and I can hopefully get my Ethereum out. Crypto companies don't really work in the same way as regular companies," Dan explains sympathetically.

Cryptocurrency writer David Canellis, from Protos, says direct communication with cryptocurrency companies is notoriously poor. The company said the influx of players caused "immense user load", which forced it to loosen security procedures to cope with the increased demand.

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