Takeaways
- Hackers forged fake withdrawals from March 23 using private keys hacked.
- “We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” Ronin Network released a statement
The Ronin Network sidechain, which is linked to Ethereum and used by the blockchain game Axie Infinity was compromised. Hackers exploited a network to the tune of $625 million or 173,600 Ether and 25.5 millions USDC according to Tuesday’s statement.
According to a post on the network, exploiters used stolen private keys in order to fudge withdrawals made on 23 March. It wasn’t until Tuesday that a user who was trying to withdraw 5,000 Etherums could not do so.
The bridge contract of Ronin has been depleted by the Ethereum and USDC funds deposited on Ronin. As of right now, users are not able to deposit or withdraw funds. In response, Ronin Bridge (and Katana DEX) have both been suspended.
“Sky Mavis’ Ronin chain currently consists of 9 validator nodes. In order to recognize a Deposit event or a Withdrawal event, five out of the nine validator signatures are needed,” This blog post stated. “The attacker managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO.”
Sky Mavis said that Axie Infinity is a game created by Sky Mavis. “committed to ensuring that all of the drained funds are recovered or reimbursed.”
“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” In a Tweet, the network confirmed this.
The attacker still has the majority of stolen ETH in his wallet. However, 6,250 ETH ($21 million) was transferred, and hundreds of ETH were sent to the FTX Exchange.
Etherscan reports that all $25.5 millions in USDC have been sent to different wallets, DeFi protocols and other payment methods.
CoinMarketCap shows that RON (the native token of Ronin Network) is down by 23% following the announcement.
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