Incident: Young Australian Rich Listers watch wealth plummet after hack, crypto sell-off | Australia Financial Review
Australian Cryptocurrency Hack, 7 February 2022
Young Australian Rich Listers watch wealth plummet after hack, crypto sell-off
While the Illuvium team secured the breach quickly and have begun repaying affected user
Sydney-based Warwick brother Kieran, Aaron and Grant Warwick have had hundreds of millions of dollars wiped from their personal wealth after a hacker drained funds from their much hyped, but as yet unreleased, video game treasury.
The attack stemmed from a breach in the organisation’s Discord channel, a chat room for participants.
Once news of the breach spread, investors began fleeing Illuvium tokens and sent the price tumbling another 40 per cent. On Monday morning, Illuvium tokens were fetching $US656.
While the Illuvium team secured the breach quickly and have begun repaying affected users, the breach highlights the risk with investment in unregulated technology.
Illuvium is just one of hundreds of new cryptography-based games emerging from non-consumable token technology. Sydney’s new company, Immutable, has provided the technology that underpins the Illuvium market.