Hacker steals $625 million worth of crypto from Ronin Blockchain

In one of the largest decentralized financial (DeFi) hacks to date, a hacker stole $625 million worth of cryptocurrency from Ronin, the Blockchain platform behind the popular non-fungible tokens (NFT) game Axie Infinity.

Blockchain platform and operator Axie Infinity Sky Mavis has acknowledged the security breach, saying that 173,600 Ether and $25.5 million (a cryptocurrency pegged to the US dollar) was offloaded from the Runin Bridge in two transactions.

“The attacker used compromised private keys to forge fake withdrawals. We discovered the attack after a user reported that he was unable to withdraw 5k ETH from the bridge,” Ronen Network said in a statement late Tuesday.

The company temporarily halted the Ronin Bridge to ensure no more attack carriers would remain open.

“Binance has also disabled its bridge to/from Ronin to err on the side of caution. The bridge will be opened at a later time once it is confirmed that the funds cannot be drained,” the company said.

The company has been working with law enforcement officials, legitimate crypto experts, and investors to ensure that all funds are recovered or paid.

“As we have seen, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, staying vigil, and mitigating all threats,” said the Blockchain platform.

“Until now, users are unable to withdraw or deposit funds into the Ronin Network,” she added.

In January of this year, hackers stole $120 million worth of crypto-tokens from blockchain-based decentralized finance (DeFi) platform BadgerDAO. Several cryptocurrency wallets were drained before the platform could stop the cyber attack.

In December last year, cybercriminals stole $80 million worth of cryptocurrency from Qubit Finance, a decentralized finance (DeFi) platform.

– Jans

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(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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