London Daily

Focus on the big picture.
Wednesday, Oct 22, 2025

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
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
×