- Popular metaverse A popular Ethereum game created by the creators of Axie Infinity and heavily used by users of the platform. side chainwho have roninwas heavily attacked. Over $620 million in digital assets were stolen from the platform.
Project developer Sky Mavis, in a statement on Twitter; He explained that the hack took place as early as March 23, and the incident was only discovered earlier today. According to the team, the Ronin hacker managed to create fake transactions with the help of compromised private keys.
There has been a security breach on the Ronin Network.https://t.co/ktAp9w5qpP
— Ronin (@Ronin_Network) March 29, 2022
According to the announcement, the project lost approximately $625 million (173,600 WETH/Wrapped Ethereum and 25.5 million USDC) after Sky Mavis’ Ronin validator nodes, as well as Axie DAO validator nodes, were seized and drained by a malicious actor last week. This makes the Ronin hack the largest decentralized finance (DeFi) hack in history, preventing the $611 Poly Network heist that took place last August.
According to the report, five out of nine confirmatory signatures are required to verify a deposit or withdrawal, but according to the platform; “The attacker somehow managed to gain control over Sky Mavis’ four Ronin Validators and a third-party validator operated by the Axie DAO.”
Sky Mavis took action on the issue
The team explained that it is working to mitigate future attacks by increasing the verifier threshold from five to eight. It was also revealed that the team is already in contact with security teams at crypto exchanges to notify them when funds have moved to any of them. Besides, the Ronin Bridge has also been temporarily suspended.
While Poly Network has managed to recover almost all of the stolen funds, it is still unclear how Ronin will handle the historic hacking incident. A glance at the hacker’s wallet shows that the funds are still in his wallet.
The developers of the Ronin network have already started working with law enforcement officials and blockchain detectives to find the hacker responsible for the biggest DeFi heist ever.
According to data provided by CoinMarketCap, as a result of the attack, Ronin (RON) the price of the management token is about 30 percent, of Axie Infinity (AXS) The price has dropped by as much as 10%. At the time of writing, RON is down more than 20 percent to $1.83, while AXS is down 7 percent to $65.10.
Ronin was launched last February to get rid of exorbitant gas fees and make transactions much faster. In January, the Sky Mavis team launched the RON token.