![]() Players can use their Axies to battle other players and to breed new Axies. financial firms who must report cyber-attacks fairly, accurately, promptly, etc., NFT and other Web3 marketplaces do not have to report anything at all.”Īxie Infinity is a successful web3 game in which players use NFT digital pets, called Axies, to interact with the game’s community. “The entire web3 marketplace is so fraught with chaos and lawlessness, we may never learn the truth about what happened,” said Stark. John Reed Stark, a former chief of the Security and Exchange Commission’s Office of Internet Enforcement, told CNN the latest hack “is a sobering reminder of just how vulnerable Web3 marketplaces are to cyber attacks.” (Web3 refers to the idea of a decentralized internet powered by the blockchain, the technology that underpins various cryptocurrencies.) Last year, an anonymous hacker stole roughly $600 million in cryptocurrency from Poly Network, a decentralized finance network, in what was called the largest crypto heist in history. “We believe in a future of the internet that is open and owned by the users.” “It is one of the bigger hacks in history,” he added, while vowing to continue building. “We realized the Ronin network has been exploited for 173,000 and around 25 million dollars in USDC,” Zirlin said, under a screen with the words “State of the NFT Union: Where we are today and what’s next.” USDC is a so-called stablecoin whose value is pegged to the US dollar. Web3 promises to put the internet into the hands of the people. ![]()
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