Ronin hacked the Ethereum network, stealing $600 million
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Answer Ronin hacked the Ethereum network, stealing $600 million
It hacked Ronin, an Ethereum-based side network, best known for its connection to Axie Infinity.
More than $600 million worth of cryptocurrency was stolen as a result of the hack.
The “Sky Mavis” Twitter account revealed the incident, and stated that the hack had occurred since March 23, but it was only discovered earlier in the day yesterday, March 29.
According to the team, the hack involved the use of private keys which were used to forge the transaction.
According to the announcement, the hacker stole more than 173,000 WETH (encapsulated Ethereum) worth $597 million and about $26 million in USDC.
In total, $622 million in cryptocurrency was stolen.
This hack is among the big hacks and ranks as high as the Poly network, which had $600 million stolen from the network.
Read:In one city… $2.7 million in cryptocurrency stolen
A look at the hacker’s wallet shows that the money is still in his wallet.
According to the report, five out of nine audit signatures are needed to validate a deposit or withdrawal, but somehow, the attacker managed to control Sky Mavis’s four Ronin authenticators and a third-party authenticator operated by Axie DAO.
The team revealed that it is working to mitigate future attacks by increasing the audit threshold from five to eight.
It was also revealed that the team was already in touch with the security teams of the crypto exchanges to inform them when the funds were transferred to any of them.
At the same time, Ronin Network was temporarily suspended.
According to Coingecko data, the AXS cryptocurrency has dropped in value rapidly.
The asset has lost more than 6% of its value in the last hour and is currently trading for $65.
Crypto community reaction:
Members of the crypto community reacted to the news of the hack and some wondered how the hack went on for nearly a week without anyone noticing.
Some of the feedback advised that transferring the original cryptocurrency from one chain to another is the right way.
Read:Zimbabwe government announces new update on cryptocurrency
Other members of the community wondered if the hacker would return the loot or if the team would return the money to the affected users.
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