Ronin A sidechain linked to Ethereum created 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 six million dollars (173,600 Ethereum tokens and 25.5 million USDC tokens) due to the fact that Sky Mavis's Ronin validator nodes, as well as Axie DAO validater nodes were compromised and draining by a malicious actor in the last week.Â
This could be one of the biggest decentralized finance hack in history, topping that $611 Poly Network theft that occurred last August.The Ronin hacker was able to fake transactions using the help of compromised private keys.
While Poly Network managed to retrieve almost all the stolen funds however, it remains to be to be seen what Ronin will react to the infamous hacking attack. The address that was associated with the attacker still holds the control for the vast majority the stolen crypto.
Developers behind the Ronin network have already started working with law enforcement officials as well as blockchain sleuths to track down the hacker behind what appears to be the largest DeFi heist ever.
The price of the Ronin (RON) governance token has crashed nearly 30% as a result of hacking, according to read this post here data provided to CoinMarketCap. CoinMarketCap.
Ronin was created in February, in order to remove the exorbitant gas costs and allow transactions to be completed much quicker. In January Sky Mavis' Sky Mavis team introduced the RON token.
According to information provided by the blockchain sleuth Elliptic, the hacker behind the infamous Ronin bridge attack has already begun to launder the proceeds.
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