cryptonews.com
29 March 2022 15:48, UTC
The first quarter of 2022 is about to end with possibly the largest crypto theft ever, as the gaming-focused Ronin bridge, which connects blockchains, has been exploited to the tune of more than USD 600m.
The Ronin Network confirmed that the bridge has been exploited for $ETH 173,600 and USDC 25.5, which is now worth around USD 617m. Both the bridge and the Katana decentralized exchange have been halted, they added.
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The team behind the network claims that today, they discovered that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised on March 23. Sky Mavis is the developer of Axie Infinity, the popular blockchain-powered play-to-earn game.
"The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack this morning after a report from a user being unable to withdraw 5k $ETH from the bridge," they said.
The team said they 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," they added.
According to them, their users are now unable to withdraw or deposit funds to Ronin Network.
"Sky Mavis is committed to ensuring that all of the drained funds are recovered or reimbursed," the team added.
At 18:44 UTC, $AXS trades at USD 65 and is down almost 9% in a day, SLP dropped 11% to USD 0.02, while $RON crashed 20%, reaching USD 1.84.
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Learn more:
- Crypto Security in 2022: Prepare for More DeFi Hacks, Exchange Outages, and Noob Mistakes
