Ronin, an Ethereum-linked sidechain created by Axie Infinity creator Sky Mavis, has confirmed a major security breach in a blog post posted recently.Â
The project lost approximately $625 million (173,600 Ethereum tokens and 25.5 million USDC tokens) following the Sky Mavis's Ronin validator nodes, along with the Axie DAO authenticator, nodes hacked and drained by a malicious actor last week.Â
This could be the biggest ever decentralized hack of finance and surpasses the $611 Poly Network heist that took place last August.The Ronin hacker was able to fake transactions using the aid of stolen private keys.
While Poly Network managed learn more to retrieve nearly all stolen funds It remains to be determined how Ronin will respond to the historic hacking attack. The address that was associated with the attacker still holds the control for the vast majority the stolen cryptocurrency.
Developers behind the Ronin network have already started working with law enforcement officials as well as blockchain sleuths to track down the hacker responsible for what appears to be the largest DeFi heist ever.
The price of the Ronin (RON) governance token has crashed nearly 30% as a result of the hack, according to data provided to CoinMarketCap. CoinMarketCap.
Ronin was created in February, in order to remove the exorbitant gas costs and allow transactions to be completed much quicker. In January, Sky Mavis' Sky Mavis team introduced the RON token.
Based on the information provided by the blockchain detective Elliptic, the perpetrator of the devastating Ronin bridge breach has already begun laundering the money.
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