Axie Infinity Network Hit by $551.8M Exploit - Crypto Briefing

The Ronin bridge and Katana exchange have been halted following the incident. 

Axie Infinity Network Suffers Vulnerability

Axie Infinity’s Ronin Network has been hit by a major security breach. 

The Ronin team confirmed the incident late Tuesday. A blog post revealed that its Ronin validator nodes and Axie DAO validator nodes were compromised on Mar. 23, resulting in losses of 173,600 Ethereum and 25.5 million USDC. Based on Ethereum market prices on Mar. 23, the losses amount to around $551.8 million. 

This story is breaking and will be updated as more details emerge. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.