The Ronin Network, the Ethereum side chain of the popular crypto game Axie Infinity, has disclosed a security breach that resulted in the theft of 173,600 ETH and approximately USD 25.5 million in USDC stable currencies.
The entire value of the stolen tokens is estimated to be around US$620 million, making this one of the biggest crypto currency attacks ever.
“The attacker forged bogus withdrawals using hijacked private keys. We identified the attack this morning after receiving a tip from a user who was unable to withdraw 5,000 ETH,” according to the statement.
It took seven days for the breach to be found.
The Ronin Network is reportedly collaborating with unspecified government entities to “ensure the offenders are prosecuted.”
It’s also working on techniques to ensure that no funds belonging to users are lost, though how that will be accomplished is still unknown. According to Ronin Network, the stolen cash has not been transferred from the hacker’s wallet.
Axie Infinity Shards, Ronin Coin, and Small Love Potion, among the network’s other tokens, are all safe.
The Ronin Network was built particularly to allow Axie Infinity to complete transactions at minimal rates without taxing the regular Ethereum network.
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News source: Techinasia
I’m Rajeev Sharma, Co-Founder and CEO of Markovate, an innovative digital product development firm with a focus on AI and Machine Learning. With over a decade in the field, I’ve led key projects for major players like AT&T and IBM, specializing in mobile app development, UX design, and end-to-end product creation. Armed with a Bachelor’s Degree in Computer Science and Scrum Alliance certifications, I continue to drive technological excellence in today’s fast-paced digital landscape.