London Daily

Focus on the big picture.
Thursday, Jul 23, 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
UK Government Reviews Long-Term Balance Between Cost Relief, Industry Support, and Public Investment Priorities
BBC Could Receive Permanent Royal Charter Under Government Proposal
Northern Ireland Proposes End to Severe Weather Exemptions for Electricity Compensation Rules
Andy Burnham Holds Talks With UK Devolved Leaders on Regional Cooperation and Devolution
House of Lords Launches Inquiry Into Risks Facing UK Democratic Institutions
ScottishPower Renewables Plans Major Rebuild of Whitelee Wind Farm With Fewer Larger Turbines
UK and Italy Leaders Discuss Global Combat Air Programme and Future European Cooperation
UK Government Announces Six Hundred Million Pound Aerospace Investment Package at Farnborough Airshow
European Union Approves UK Participation in Ninety Billion Euro Ukraine Support Loan Framework
Rolls-Royce Warns UK Government Over Jet Engine Funding Decision and Future Manufacturing Plans
UK Inflation Falls to Two Point Six Percent in June as Fuel and Food Prices Ease
Andy Burnham Begins Premiership With Two Pound England Bus Fare Cap and Electricity Tax Cut Plan
YouGov Poll Shows Tight Competition Among UK Political Parties
Space Technology Investment Expands Through UK-US Cooperation at Farnborough Airshow
UK Opens Final India Young Professionals Scheme Ballot for Three Thousand Applicants
United Kingdom Approved for Ukraine Financial Support Initiative With EU Partners
UK and Ireland Leaders Discuss Security, Energy and Regional Cooperation
British Heart Foundation Identifies Ten UK Areas With Severe Shortages of Defibrillators
Former Southern Water Executives Charged Over Alleged Water Test Manipulation Scheme
IMF Warns UK Economic Growth Will Slow to One Percent in 2026
UK Inflation Falls to Two Point Six Percent in June as Food and Energy Costs Ease
United Kingdom Joins European Union Loan Mechanism to Support Ukraine’s Defense Needs
Prime Minister Andy Burnham Introduces Two-Pound Bus Fare Cap and Energy Tax Relief Measures Across England
Northern Ireland Secures Additional Infrastructure Funding From UK Treasury
Wales Approves Port Investment Plans to Support Green Energy Supply Chains
UK Financial Regulator Simplifies Stock Market Rules to Attract More Listings
UK Reports Decline in Small Boat Crossings Across the English Channel
UK Government Creates Emergency Support Fund for Financially Pressured Universities
Scottish Government Launches Economic Strategy Focused on Innovation and Renewable Industries
UK Expands Sustainable Farming Incentives to Support Environmental Measures
UK Government Introduces New Neighbourhood Policing Standards Across England and Wales
UK Competition Regulator Opens Review of Artificial Intelligence Foundation Models
UK Deepens Indo-Pacific Security Cooperation After Talks With Singapore and Japan
UK Announces Rail Modernisation Plan for Northern England With New Infrastructure Funding
UK Government Updates Housing Planning Rules to Accelerate Residential Construction
UK Approves Major North Sea Offshore Wind Project to Support Clean Power Goals
UK Health Service Begins Major Digital Upgrade to Cut Hospital Waiting Times
Bank of England Holds Interest Rates Steady as UK Inflation Pressures Remain Persistent
UK Universities and Industry Expand Space and Defense Research Partnerships
House of Lords Approves Social Housing Bill Amendments on Shared Ownership Rights
House of Lords Advances Civil Aviation Bill With New Passenger Protection Measures
UK Government Suspends Tariffs on Fertilizer and Food Imports to Reduce Costs
Russell Group Universities Support New UK Business Department Focused on Innovation
UK Parliament Opens Inquiry Into Transport Barriers Facing Young Jobseekers
Home Builders Federation Calls for Lower Costs as New UK Government Sets Housing Priorities
Andy Burnham Meets UK Devolved Leaders to Strengthen Regional Cooperation
Andy Burnham Holds First International Calls With Trump, Macron, and Zelenskyy
Andy Burnham Reshuffles Cabinet With John Healey Appointed Chancellor of the Exchequer
Andy Burnham Government Removes VAT From Electricity Bills to Cut Household Costs
Andy Burnham Becomes United Kingdom Prime Minister After Sir Keir Starmer Resigns
×