Ronin Network Loses $620 Million in One of the Largest Hacks in Crypto History
- Ronin Network has been hacked for over $620 million in Ethereum and USDC.
- The bridge has been halted, and maintenance is underway.
- The team is working closely with law enforcement to track the hacker and recover the lost funds.
The Ethereum powered sidechain for Axie Infinity, Ronin Network, has been hacked in what’s considered to be one of the largest crypto hacks.
The hack, which happened on March 23, was discovered a week later by the team when a user reported the inability to withdraw 5,000 ether.
The hack resulted in a combined loss of 173,600 Ethereum and 25.5 million USDC. Currently, the Ronin team is working closely with law enforcement and forensic cryptographers to track the hacker and recover the funds.
How did the hackers drain the funds?
The hackers exploited the Ronin Bridge and drained the funds in two transactions.
As per the blog post published by Ronin, the Ronin Network consists of 9 validator nodes to confirm a deposit or withdrawal action.
The hacker “managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO.”
The hacker moved around 6,250 ether out of his wallet address and several ETH to FTX exchange. They have temporarily disabled Ronin Bridge and Katana DEX to ensure maintenance to update the security patches.
The team is in close contact with various government organizations to track the culprit. They are also discussing with the stakeholders to ensure that no user funds will be lost.
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