Ronin A sidechain linked to Ethereum developed by Axie Infinity creator Sky Mavis and Sky Mavis, has disclosed a major security breach in a recent blog post.Â
The project suffered losses of approximately $625 million (173,600 Ethereum tokens and 25.5 million USDC tokens) due to Sky Mavis's Ronin validator nodes, along with Axie DAO validater nodes were compromised and depleted by a malicious actor last week.Â
This could be the largest decentralized financial hack in the history of finance, topping the $611 Poly Network theft that happened in August.The Ronin hacker was able to make fake transactions with the help of stolen private keys.
While Poly Network managed to retrieve virtually all of the stolen funds, it remains to be ascertained what Ronin will deal with the historic hacking incident. The address associated with the attacker is still in control of the vast majority the stolen crypto.
The developers behind the Ronin network have already begun working with police officials as well as blockchain sleuths to trace the hacker responsible for what appears to be the biggest DeFi theft ever.
The value of the Ronin (RON) Governance token plummeted by nearly 30% as a result of the hack, according to data provided from CoinMarketCap.
Ronin was launched last February to remove the exorbitant gas fees and make transactions much faster. In January the Sky Mavis look what I found team introduced the RON token.
Based on the information provided by the blockchain detective Elliptic, the perpetrator of the massive Ronin bridge hack has begun laundering the money.
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