Axie Infinity’s Ronin blockchain suffers the largest crypto hack where hackers stole $625 million worth of Ethereum (ETH) and USDC.
Axie Infinity’s Ronin blockchain suffers the largest crypto hack where hackers stole $625 million worth of Ethereum (ETH) and USDC.
“There has been a security breach on the Ronin Network. Earlier today, we discovered that on March 23rd, Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions (1 and 2).” reads a statement published by the company.
The attacker employed hacked private keys to forge fake withdrawals. The attack was discovered after a user was unable to withdraw 5k ETH from the bridge
Meanwhile, Ronin has released a statement that they are working with relevant cryptographers, authorities and investors to ensure the assets are recovered and restored. The firm has currently curtailed its Ronin Bridge and Katana DEX.
The Sky Mavis Ronin chain is currently composed of 9 validator nodes. To confirm transactions, five out of the nine validator signatures are needed. The hackers tried to get control over five of the validator signatures, Sky Mavis’s four Ronin validators and a third-party validator run by Axie DAO.
The amount of stolen funds makes this attack the largest crypto hack in history, passing the $611 million hack of the DeFi Poly Network in August 2021.
The Ronin Network is a side chain of the Ethereum Blockchain. Ronin powers Axie Infinity, an NFT based online video game. The game is adorable with some of the cutest cuddly characters.
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