Hackers hacked the Ronin Network and stole over 600 million

Hackers hacked the Ronin Network and stole over $600 million

Unknown hackers hacked into the Ronin network and stole over 173,000 Ethereum tokens and 25 million USDC units. About that reported on the platform website. At the current exchange rate, about $625 million was stolen from the service.

    Source: Pixabay

Source: Pixabay

According to the developers, the hack took place on March 23. The security system used nine validators that were used to confirm the transaction. To deposit or withdraw funds, the system needs to receive confirmation from only five of them.

To steal funds, the attacker gained control of four Sky Mavis elements and a third-party Axie DAO validator via an RPC node.

Now, the attacker’s crypto wallet has already been discovered – most of the stolen funds are still in his cryptocurrency accounts. The developers also contacted law enforcement agencies to resolve the situation.

In addition, the company announced that it would work with investors to compensate for the damage caused. However, there is currently no deposit and withdrawal feature on the platform. It is not specified when work will resume in full.

Ronin Network representatives also explained why only five validators were used to withdraw funds. The cause was a problem synchronizing all nodes. In the future, the company wants to have 8 of the 9 security features verified.



About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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