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Axie Infinity’s Ronin Network Hacked in $625 Million Exploit -Breaking

by Mike Robinson

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Axie Infinity’s Ronin Network Hacked in $625 Million Exploit

The Ronin Network, an Ethereum-based blockchain which powers popular NFT-game ‘Axie Infinity’, was breached last Wednesday, March 23. One of the largest crypto heists ever attempted was to take over the network by hackers.

Sky Mavis’ developers discovered Ronin’s security vulnerability on Tuesday March 29th.

“There has been a security breach on the Ronin Network. We are working directly with various government agencies to ensure the criminals get brought to justice,”
In an official report, the company said so.

The report states that hackers took 174,000 ETH (a stablecoin tied to the U.S. dollars) and $625 million in losses.

Hackers obtained private keys and ordered fraudulent withdrawals of cryptocurrency. According to Ronin, “the attacker found a backdoor through our gas-free RPC (NYSE:) node, which they abused to get the signature for the Axie DAO validator.”

AxieInfinity was first released in 2018. It gained immense popularity thanks to the massive surge of NFTs. It reported that the pet fighting game has 1.8million daily players by 2021 and that it had sold $4 billion worth of NFTs.

The Flipside

  • As of this writing, withdrawals or deposits to Ronin Network were temporarily suspended. The price of RON, the network’s native token, has already dropped by more than 25%.

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