Ronin Network Suffers Massive $600 Million Hack, Investigation Ongoing
2 min read

Axie’s Ronin Network Suffers Massive $600 Million Hack: Investigation Ongoing

By News Desk

Axie Infinity sidechain Ronin Network has suffered a hack that has so far resulted in the loss of 173,600 Ethereum and 25 million USDC, currently worth about $625 million.

Ronin was built specifically to be a scaling solution to enable cheaper fees and faster transactions for Axie Infinity. 

“There has been a security breach on the Ronin Network,” the team wrote in a blog post.

According to Ronin, on March 23rd, an attacker managed to get control over the private keys for its validator nodes and the nodes for the Axie Infinity Decentralized Autonomous Organization (DAO). The bad actor then used the keys to forge fake withdrawals, which weren’t noticed until a user reported not being able to withdraw 5,000 ETH from the platform’s bridge.

The attacker apparently found a weakness stemming from November of last year when Sky Mavis, the company behind Axie Infinity, requested help from the Axie DAO to distribute free transactions due to an overload of users. Sky Mavis was only supposed to be able to sign transactions on the DAO’s behalf temporarily, but allowlist access was not properly revoked. This meant the attacker was able to use Sky Mavis as a backdoor to access The Ronin bridge and Katana Dex.

Image via Shutterstock

“We have temporarily paused the Ronin Bridge to ensure no further attack vectors remain open,” the team said.

“Binance has also disabled their bridge to/from Ronin to err on the side of caution. The bridge will be opened up at a later date once we are certain no funds can be drained.”

At the time of writing, the funds still sit in the hacker’s Ethereum wallet, and Ronin is working with Chainalysis and other authorities to track down the lost crypto.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.”

So far, Ronin (RON) is down 24% on the news while Axie Infinity (AXS) has dipped 8%.

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

How to stake MATIC with Ledger

How to stake MATIC with Ledger

September 29, 2022 5 min read
PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

September 27, 2022 26 min read
How to Buy Bitcoin on Binance

How to Buy Bitcoin on Binance

September 26, 2022 7 min read
How to buy Polkadot at FTX
How to Buy Polkadot (DOT) on FTX Exchange
How to buy Polkadot at FTX

How to Buy Polkadot (DOT) on FTX Exchange

September 23, 2022 9 min read
Crypto Safety 101: How to Protect your Crypto

Crypto Safety 101: How to Protect your Crypto

September 22, 2022 44 min read
Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

Blockchain Security: How to Understand Blockchain Audits to Stay Safe in DeFi

September 21, 2022 26 min read
IDEX Review
IDEX Review 2022: The First Hybrid Approach to Non-Custodial, High-Performance Crypto Trading
IDEX Review

IDEX Review 2022: The First Hybrid Approach to Non-Custodial, High-Performance Crypto Trading

September 14, 2022 37 min read

Related Posts

PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

PrimeXBT vs Bybit 2022: Which Exchange is Best for Crypto Trading?

September 27, 2022 26 min read
Dodo Review
DODO Crypto Review 2022: How DODO is Revolutionizing DeFi
Dodo Review

DODO Crypto Review 2022: How DODO is Revolutionizing DeFi

September 8, 2022 39 min read
TrustSwap Review
TrustSwap Review 2022: Best Full-Service Crypto Launchpad Platform
TrustSwap Review

TrustSwap Review 2022: Best Full-Service Crypto Launchpad Platform

September 3, 2022 29 min read
Ledger Nano S Plus Review
Ledger Nano S Plus Review 2022: Top Security for Altcoin & NFT Collectors
Ledger Nano S Plus Review

Ledger Nano S Plus Review 2022: Top Security for Altcoin & NFT Collectors

September 20th, 2022 25 min read
Curve fi
Curve Finance Review: Is Curve the Backbone of DeFi?
Curve fi

Curve Finance Review: Is Curve the Backbone of DeFi?

August 17th, 2022 17 min read
Bitstamp Review
Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange
Bitstamp Review

Bitstamp Review 2022: Secure and Simple Cryptocurrency Exchange

August 6, 2022 27 min read
Phemex Review
Phemex Review 2022: Secure Crypto Exchange for Serious Traders
Phemex Review

Phemex Review 2022: Secure Crypto Exchange for Serious Traders

September 20th, 2022 33 min read