The company is collaborating with the law enforcement agency to recover 173,600 ETH and 25.5 million USDC (USD Coin) from the attacker.
Ronin Network (RON), a blockchain network underlying the famous crypto game Axie Infinity and Axie DAO has suffered the largest crypto hack against a decentralized finance network reported to date.
Ronin Blockchain Hacked
According to Axie Infinity and Ronin operator Sky Mavis, around $625 million worth of cryptocurrency (173,600 ether) and 25.5 million in USDC were stolen after the network was hacked on Tuesday. The company had to freeze all transactions carried out via the Ronin Bridge that allows withdrawing and depositing funds.
In a blog post published by Substack, the Ronin network’s official platform, Sky Mavis’ Ronin validator nodes were affected in the breach. The attacker used “private keys” to carry out fake withdrawals from the Ronin Bridge across 2 transactions.
For your information, the Ronin sidechain comprises 9 validators, and for withdrawals, it requires 5 signatures to prevent hack attacks. As per the blog post, the attacker found a backdoor via their gas-free RPC node and abused it to obtain the signature for the Axie DAO validator.
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