Cryptocurrencies
Giant Ronin Bridge Hack Could Change How VCs Invest in Crypto
- Animoca co-founder Yat Siu says VCs will become more vigilant
- Animoca is in talks with the Axie team about reimbursement
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A roughly $600 million hack of software underpinning the popular play-to-earn game Axie Infinity is likely to change the attitude and responsibilities of venture capitalists investing in crypto, said Animoca Brands co-founder Yat Siu.
The security breach allowed hackers to steal 173,600 Ether and 25.5 million USDC tokens and underscored the glaring weaknesses in so-called bridges that allow digital tokens to be swapped between different blockchains. Animoca, which has a range of businesses related to non-fungible tokens, is an investor in Sky Mavis, the developer of Axie Infinity.