Hacker steals $625 mn in crypto from Blockchain platform Ronin

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In one of the largest decen­tralised finance (DeFi) breach­es yet, a hack­er has stolen cryp­tocur­ren­cies worth $625 mil­lion from Ronin, a plat­form behind pop­u­lar non-fun­gi­ble token (NFT) game Axie Infinity.


The plat­form and Axie Infin­i­ty oper­a­tor Sky Mavis admit­ted the secu­ri­ty breach, say­ing that 173,600 Ethereum and 25.5M USDC (a pegged to the US dol­lar) were drained from the Ronin bridge in two transactions. 





“The attack­er used hacked pri­vate keys in order to forge fake with­drawals. We dis­cov­ered the attack after a report from a user being unable to with­draw 5k ETH from the bridge,” Ronin Net­work said in a state­ment late on Tuesday.


The com­pa­ny has tem­porar­i­ly paused the Ronin Bridge to ensure no fur­ther attack vec­tors remain open.


“Binance has also dis­abled their bridge to/from Ronin to err on the side of cau­tion. The bridge will be opened up at a lat­er date once we are cer­tain no funds can be drained,” said the company.


The com­pa­ny was work­ing with law enforce­ment offi­cials, foren­sic cryp­tog­ra­phers, and investors to make sure all funds are recov­ered or reimbursed.


“As we’ve wit­nessed, Ronin is not immune to exploita­tion and this attack has rein­forced the impor­tance of pri­ori­tis­ing secu­ri­ty, remain­ing vig­i­lant, and mit­i­gat­ing all threats,” said the platform.


“As of now, users are unable to with­draw or deposit funds to Ronin Net­work,” it added.


In Jan­u­ary this year, hack­ers stole cryp­to tokens worth $120 mil­lion from Blockchain-based decen­tralised finance (DeFi) plat­form Bad­ger­DAO. Sev­er­al cryp­to wal­lets were drained before the plat­form could stop the cyber attack.


In Decem­ber last year, cyber crim­i­nals stole worth $80 mil­lion from Qubit Finance, a decen­tralised finance (DeFi) platform.


–IANS


na/dpb

(Only the head­line and pic­ture of this report may have been reworked by the Busi­ness Stan­dard staff; the rest of the con­tent is auto-gen­er­at­ed from a syn­di­cat­ed feed.)

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