London Daily

Focus on the big picture.
Sunday, Mar 22, 2026

CoinDesk exec says latest crypto heist 'one of the biggest' in history

CoinDesk exec says latest crypto heist 'one of the biggest' in history

Pete Pachal, CoinDesk's chief of staff for the content team, weighed in on "one of the biggest hacks in crypto history" on Wednesday, arguing that the gaming-focused Ronin Network's announcement of a security breach shows that "things start to get a little dicey" when moving further away from core cryptocurrency products.

Pachal provided the insight on "Mornings with Maria" one day after Ronin Network announced a loss of over $625 million in USDC and ether, CoinDesk reported, noting that the hack impacted Ronin Network validator nodes for the publishers of the popular Axie Infinity game, Sky Mavis, and the Axie DAO.

"The attacker used hacked private keys in order to forge fake withdrawals," a Ronin Network blog post published on Tuesday noted, adding that while the network has safety tools in place to protect against hacks like this, "the attacker found a backdoor."

Pachal argued that what the hack shows is that "not all blockchains are created equal."

"This has more to do with the hack on the Axie Infinity network as opposed to a hack on primary blockchain like Bitcoin or Ether," he went on to note.

The Ronin Network blog post noted that the network is "working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed."

Pachal noted that federal authorities have been cracking down on security breaches like this.

"Recently we’ve seen the Feds put big charges on the Bitfinex [cryptocurrency exchange] hack from 2016, which was another big crypto hack," he noted

In February, the Department of Justice announced, two people were arrested for an alleged conspiracy to launder cryptocurrency that was stolen during the 2016 hack of Bitfinex, valued at about $4.5 billion. THE DOJ noted that as of February, law enforcement seized more than $3.6 billion in cryptocurrency linked to that hack.


Pachal also pointed out that a lot of stolen funds "were reversed" from the hack of the Poly Network, a decentralized finance platform that helps link blockchains together,

He noted that the Poly Network hack is the "biggest" crypto heist in history.

Poly Network announced in August that almost all of the $610 million stolen had been returned by the unknown person or persons behind the attack, Reuters reported at the time.

"A lot of people assume that you can get away with this because it’s crypto, but actually the Feds and analysis companies are getting really good about tracing these hacks and seeing that the people who perpetrate them are brought to justice," Pachal said. "It’s getting better and better all the time."

Comments

Oh ya 4 year ago
Something about if you don't hold it you don't own it comes to mind. It is likely government hackers doing this to break your faith in private crypto so when they announce government crypto the lemmings with jump for it. If you want your life controlled like those in china, north korea they sign up for goverment crypto

Newsletter

Related Articles

0:00
0:00
Close
Meghan Markle’s Possible UK Return Sparks Renewed Attention on Sussex Role
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
Northern Lights Expected Over UK Skies Tonight Amid Strong Solar Activity
UK Condemns Iran Missile Strike and Warns Against Threats to British Personnel
UK Warns of Global Flight Disruptions as Iran Conflict Escalates Under Trump’s Leadership
UK Condemns Iran After Missile Strike Targets Strategic Diego Garcia Base
Deadly Meningitis Outbreak in UK Reinforces Urgency of Vaccination Campaigns
Iran Launches Long-Range Missile Strike on Remote US-UK Base, Signaling Expanded Reach
Iran Launches Long-Range Missile Strike on Remote US-UK Base, Signaling Expanded Reach
UK Rules Out Cyprus Base Role in Joint US Self-Defence Framework
UK Ends Hereditary Peerage Rights in Parliament in Historic Constitutional Reform
Lord Walney Warns of Expanding Iranian Influence Networks Within the United Kingdom
Iranian National Among Two Arrested After Attempt to Access UK Nuclear Submarine Base
Deregulation, Artificial Intelligence, and Fraud Laws Reshape UK Financial Services Landscape
UK Considers Lower Speed Limits to Reduce Fuel Use Amid Escalating Energy Crisis
UK Borrowing Costs Surge to Post-Crisis High as Markets React to Inflation and War Risks
UK Government Prepares Emergency Economic Measures as Iran Conflict Fuels Financial Risks
Meningitis B Outbreak in the UK Raises Urgent Health Warnings as Cases Surge
Iran Issues Stark Warning to Britain Over US Base Access Amid Expanding Conflict
United Kingdom Authorizes US Strikes from British Bases as Iran Threatens Key Shipping Routes
Reform UK Suspends Scottish Candidate Following Financial Misconduct Allegations
Apple issues an unusual warning: this is how your iPhone can be hacked without you doing anything
UK and Nigeria Reach Agreement to Accelerate Return of Irregular Migrants
UK Sets New Aid Priorities Following Significant Budget Reductions
Cyprus President Urges Open Dialogue Over Future of British Sovereign Base Areas
Cyprus President Urges Open Dialogue Over Future of British Sovereign Base Areas
UK Plans 50% Steel Tariffs in Bold Move to Protect Domestic Industry
Iran Conflict Sends Shockwaves Through UK Economy as Energy Costs and Trade Risks Surge
UK Health Officials Warn Kent Meningitis Outbreak Still Active as Cases Continue to Rise
UK Climate Progress Faces Scrutiny Over Reliance on Carbon Accounting Methods
UK Deploys Advisers to United States to Shape Plan for Reopening Strait of Hormuz
Amazon Bets on AI-Driven Alexa Upgrade to Revive UK Smart Speaker Market
UK Abortion Law Changes Spark Strong Response from Church Leaders and Pro-Life Advocates
UK Abortion Law Changes Spark Strong Response from Church Leaders and Pro-Life Advocates
GB News Faces Regulatory Complaints Over On-Air Remarks on ‘Genocide’ Claims
UK Signals Expanded Support for Gulf Allies as Iranian Attacks Intensify Regional Threats
UK VAT Decision Opens Path for Potential Refunds to U.S. Biopharma Firms
UK and Canada Advance ‘Middle Power’ Strategy to Shape Global Influence Beyond Superpowers
Google Explores AI Opt-Out Features in Search to Address UK Regulatory Concerns
Google Explores AI Opt-Out Features in Search to Address UK Regulatory Concerns
UK Fuel Prices Poised to Surge as Global Tensions Drive Oil Market Volatility
UK Fuel Prices Poised to Surge as Global Tensions Drive Oil Market Volatility
UK Holds Back on Hormuz Escort Mission While Continuing Talks with Allies
TrumpRx Pricing Platform Faces Scrutiny as Some Medicines Remain Costlier Than in the UK
UK, Netherlands and Finland Explore Joint Defence Investment Bank to Boost Military Capability
Deadly Meningitis Outbreak in Kent Raises Alarm as Cases Surge and Emergency Response Expands
UK Security Adviser Viewed US-Iran Nuclear Deal as Within Reach Before Sudden Escalation
×