Over USD 600M Stolen in Blockchain Bridge Hack as Axie Infinity's Ronin Exploited | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • jeet-detector-bot
    JDB(JDB)
    $0.00-0.61%
  • bitcoin
    Bitcoin(BTC)
    $0.00-0.58%
  • ethereum
    Ethereum(ETH)
    $0.000.630%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.00-0.09%
  • binancecoin
    BNB(BNB)
    $0.001.37%
  • usd-coin
    USD Coin(USDC)
    $0.00-0.14%
  • ripple
    XRP(XRP)
    $0.00-0.96%
  • binance-usd
    Binance USD(BUSD)
    $0.00-0.18%
  • cardano
    Cardano(ADA)
    $0.00-0.05%
  • dogecoin
    Dogecoin(DOGE)
    $0.001.68%
  • matic-network
    Polygon(MATIC)
    $0.003.63%
  • okb
    OKB(OKB)
    $0.004.26%
  • solana
    Solana(SOL)
    $0.000.400%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.000.680%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.0011.26%
  • polkadot
    Polkadot(DOT)
    $0.000.870%
  • litecoin
    Litecoin(LTC)
    $0.000.160%
  • avalanche-2
    Avalanche(AVAX)
    $0.000.130%
  • tron
    TRON(TRX)
    $0.00-1.33%
View All
Coinparative
Home News

Over USD 600M Stolen in Blockchain Bridge Hack as Axie Infinity’s Ronin Exploited

April 2, 2022
in News
237 15
A A
0
Over USD 600M Stolen in Blockchain Bridge Hack as Axie Infinity’s Ronin Exploited
Share on FacebookShare on Twitter

 

The first quarter of 2022 is about to end with one of the largest crypto thefts, 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 25.5m, which is now worth around USD 617m. However, per blockchain analysis firm Elliptic, the total value of the stolen cryptoassets at the time of the theft was USD 540m, which makes it the second-largest crypto theft.

 

Both the bridge and the Katana decentralized exchange have been halted, they added.

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 firm also developed Ronin, an Ethereum-linked sidechain made specifically for Axie Infinity.

“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.

Elliptic said that its internal analysis indicates that the exploiter has already begun laundering their proceeds, with funds originating from the attack already reaching at least “three prominent crypto exchanges.” The exploiter is using both centralized and decentralized exchanges, they added.

“At the time of writing, around USD 16 million in ETH has been laundered in this manner, leaving USD 524 million in various Ethereum accounts which appear to belong to the attacker,” the firm said.
___
 

Reactions:

 
____
 
– Crypto Security in 2022: Prepare for More DeFi Hacks, Exchange Outages, and Noob Mistakes 
– Digital Collectibles Marketplace VeVe Loses ‘Large Amount of Gems’ in an Exploit

– ApeCoin Smart Contract Exploited, ‘Well-Prepared Claimer’ Walks Away With USD 380K
– DeFiance Founder’s USD 1.76M Loss is a Lesson For NFT Investors
– Poly Network Hacker Keeps Sending Funds Back, Returns USD 342M

– BlockFi, Swan Bitcoin, Pantera Advise Users How to Stay Safe After Data Got Hacked in Hubspot CRM Raid
– IRA Financial Trust Hack Reportedly Sees USD 36M in Crypto Stolen From Users

– The 4th Largest Crypto Theft Shows DeFi Weakness as Hacker Nets USD 325M in a Wormhole
– What Did We Learn from the MonoX Hack?

___
(Updated at 19:18 UTC with additional details and comments. Updated on March 30 at 5:39 UTC to correct the stolen amount of USDC, which is  USDC 25.5m, not USD 25.5.)



Source: Crypto News

Share196Tweet123Share34Pin44ShareSend

Related Articles

BNY Mellon Names Caroline Butler CEO of Digital Assets
News

BNY Mellon Names Caroline Butler CEO of Digital Assets

February 4, 2023
1.4k
Samsung Is Preparing Its Own Metaverse Hardware in Partnership With Google and Qualcomm
News

Samsung Is Preparing Its Own Metaverse Hardware in Partnership With Google and Qualcomm

February 4, 2023
1.4k
India Reveals IMF Is Working With G-20 for Crypto Regulations
News

India Reveals IMF Is Working With G-20 for Crypto Regulations

February 4, 2023
1.4k
W3E announces a new series of Web3 Esport tournaments
Blockchain News

W3E announces a new series of Web3 Esport tournaments

February 4, 2023
1.4k
Craig Wright’s UK Case Against 16 Bitcoin Developers to Go to Full Trial
News

Craig Wright’s UK Case Against 16 Bitcoin Developers to Go to Full Trial

February 4, 2023
1.4k
Meta Calls 2023 a ‘Year of Efficiency;’ Anticipates More Losses in Its Metaverse Division
News

Meta Calls 2023 a ‘Year of Efficiency;’ Anticipates More Losses in Its Metaverse Division

February 4, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.