|All Time High:|
|Market Cap: |
|The price of #RON today is $0.23 USD.|
The lowest RON price for this period was $0, the highest was $0.235, and the exact current price of one RON crypto coin is $0.23479.
The all-time high RON coin price was $3.82.
Use our custom price calculator to see the hypothetical price of RON with market cap of SOL or other crypto coins.
|The code for Ronin crypto currency is #RON. |
The start date for Ronin is not available.
|The current market capitalization for Ronin is $34,828,027.|
Ronin is ranked #348, by market cap (and other factors).
|There is a modest daily trading volume on #RON.|
Today's 24-hour trading volume across all exchanges for Ronin is $46,420.
|The circulating supply of RON is 148,339,298 coins, which is 15% of the maximum coin supply.|
|___RON is the native coin for the Ronin blockchain.|
View the full list of Ronin blockchain tokens.
|RON has limited pairings with other cryptocurrencies, but has at least 2 pairings and is listed on at least 5 crypto exchanges.|
|Note that there are multiple coins that share the code #RON, and you can view them on our RON disambiguation page.|
More Ronin (#RON) News
|Ronin Hackers Have Moved The Stolen $625M to Bitcoin Network: Report
Ronin hackers have transferred the stolen assets from Ethereum to the Bitcoin network, according to new findings by blockchain investigator and developer ?liteZero.
Recall that after the Ronin bridge hack in March, the attackers moved the $625 million worth of USDC and ETH to Ethereum-based crypto mixer Tornado Cash, making it difficult for authorities to trace the movement of the funds. But Tornado wasn’t the end as the hackers took further steps in obscuring the transactions.
Follow the Money
?liteZero said he has been tracking the stolen funds and noticed that the attackers had transferred all the assets to the Bitcoin protocol using a network bridge and several crypto exchanges.
I've been tracking the stolen funds on Ronin Bridge.
I've noticed that Ronin hackers have transferred all of their funds to the bitcoin network. Most of the funds have been deposited to mixers(ChipMixer, Blender).
This thread will illustrate the tracking analysis procedures. pic.twitter.com/yrazcJ22xF
— ?liteZero (@blitezero) August 20, 2022
Using Centralized Exchanges
The blockchain investigator found that after the hackers withdrew the funds from Tornado Cash, they sent about 6,250 ETH ($20.7 million) to centralized exchanges (CEXs) such as Binance, Huobi, and FTX before sending the funds to North Korean crypto mixer Blender.
In May, the United States Treasury Department sanctioned Blender addresses, noting that the crypto mixer assisted the Ronin hackers in processing over $20.5 mi...
|Are A Fake Job Offer And A .Pdf Responsible For The Axie Infinity/ Ronin...
The latest report on the Axie Infinity/ Ronin bridge hack is too good to be true. Especially considering the FBI claims a North Korea-sponsored hacking group is responsible for it. “A senior engineer at Axie Infinity was duped into applying for a job at a company that, in reality, did not exist,” The Block reports. That’s not all, apparently, the hackers’ spyware got into the system through a simple .pdf file. Unbelievable that a $622M hack started that way.
The Ronin Network is an Ethereum sidechain that exclusively serves Axie Infinity. Both a billion-dollar business and a fun app with a thriving internal economy and an international audience, the play-to-earn game was one of the bull market’s biggest success stories. Sky Mavis is the studio behind Axie Infinity. And one of its programmers apparently fell victim to the simplest social engineering trick in the book.
Is North Korea To Blame? According to surveillance firm Chainalysis, North Korea-sponsored hackers stole over $400M in 2021 alone. And according to the FBI, they’re responsible for the Axie Infinity/ Ronin hack. The alphabet agency traced the funds to wallets associated with North Korean hacking group Lazarus. Does The Block’s article complete or negate this version of the story? It’s hard to see North Koreans pulling a stunt quite like this.
In any case, at the time the FBI was extremely clear in a statement quoted here:
'Through our investigation...
|Ronin Network Announces Bridge Restart Date Three Months After $625M Hac...
Ronin Network, an EVM blockchain powering popular play-to-earn game Axie Infinity, has announced the reopening date for its bridge three months after it was exploited by the infamous North Korean cybercrime gang 'The Lazarus Group.'
Ronin Bridge to Reopen on June 28
Announcing the restart date on Twitter, the project said its engineering team has been working round the clock, and the bridge will officially reopen next week, on June 28.
The project also stated that users who had their funds locked during the incident would get a refund once the bridge reopens.
Ronin further noted that the process would include a crucial hard fork that would require network validators to update their software. Non-validators are also expected to upgrade their nodes using specific information provided by the project.
• We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned.
• Re-opening will require on a Ronin hard-fork which requires all validators to update their software.
• Validators have been informed regarding next steps to upgrade their validating node.
— Ronin (@Ronin_Network) June 23, 2022
After the hack in March, the project vowed to enhance the network's security by partnering with reputable security firms, including CrowdStrike and Polaris Infosec.
In addition, Sky Mavis, the Vietnamese company behind the Ronin blockchain, announced plans to scale up the network's validating nodes to 21 by the end of this month, wit...
|Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In ...
More than 5,505 Ether of the Ronin Bridge exploitation seems to be transferred through Tornado Cash, a unique privacy crypto exchange.
Blockchain data showed that the address associated with the $625 million Ronin Bridge Attack had begun transferring ether tokens valued at over $10 million. This occurred during the Asian morning hours.
The data showed that the Ronin hacker had transferred over 5,505 ether to one unknown account this morning. Additionally, the funds were sent from another Ethereum wallet funded by the prominent hacker’s blockchain address. All these took place within the early hours of Wednesday, as the funds were sent in groups of 100 ether each to the Tornado privacy crypto exchange.
The Ronin Bridge Ether Exploit
Ronin Bridge is an Ethereum-based sidechain for the play-to-earn game Axie Infinity, an NFT game. The assets comprise 25.5 million USDC and over 173,600 ether. A report on their blog revealed this data. The platform realized the attack when one of its users couldn't withdraw 5,000 Ether from the Ronin Network.
Ethereum falls below 2k |
Then, they took to Twitter to notify the public of the security breach on the platform. After the hack, the Ronin Bridge temporarily shut down to redevelop the platform. Moreover, even though attackers targeted the hack at Ronin and Axie Infinity, the incident didn't affect the 'axie' tokens. Therefore, the AXS and SLP tokens used to facilitate transactions within the Axie Infinity game are still safe and una...
|15% of Tornado Deposits Are From Ronin Exploiter: Data
The exploiter behind Ronin's massive $625 million bridge attack has managed to move thousands of ETH to privacy tool Tornado Cash. A month after, what many consider the largest exploit in DeFi history, on-chain data shows that 15% of Tornado deposits are from the Ronin attacker.
This was revealed by Alex Svanevik, CEO of the blockchain analytics platform Nansen.
15% of Tornado deposits are from the Ronin exploiter pic.twitter.com/yYsisOzJvu
— Alex Svanevik (@ASvanevik) April 30, 2022
On March 23rd, the Axie Infinity play-to-earn gaming platform, Ronin network, suffered an unprecedented attack that led to the loss of over $625 million in USDC and Ethereum (ETH).
Over the past week, activity from the exploiter’s main address, tagged as Ronin Bridge Exploiter on Etherscan, revealed the continuous movement of Ether to different addresses. The transaction history showed that twenty transfers were made to the same Tornado wallet, each of which sent over 100 ETH.
Earlier this week, the United States Federal Bureau of Investigation (FBI) revealed that 'The Lazarus Group,” associated with the Democratic People’s Republic of Korea (DPRK), was behind the attack.
The notorious group of hackers was then sanctioned by the Treasury Department.
Reports suggest that the 'The Lazarus Group” is known to use illicit revenues for Pyongyang to fund the totalitarian nation's nuclear and ballistic missile programs.
Tornado Cash, which provides transaction privacy by ...
|Ronin Network Reveals New Validators Count and Relaunch Date After $620M...
Ronin Network – an Ethereum-linked sidechain – assured it identified the hackers related to last month’s $600M+ exploit, and all user funds are “in the process of being restored.” Additionally, the entity implemented enhanced security measures to prevent such attacks in the future.
Further Details on the Hack
The project revealed that the cyber assault happened on March 23 and was identified on March 29 by the Sky Mavis team. “We didn’t have a proper tracking system for monitoring large outflows from the bridge, which is why the breach wasn’t discovered immediately,” the entity explained on the delay.
The bad actors got control over five of the nine validator private keys – 4 Sky Mavis validators and 1 Axie DAO – and stole 173,600 ETH and 25.5 million worth of USDC. The criminals drained the crypto assets in two transactions as the total amount equaled around $620 million.
Ronin Network disclosed that the hackers managed to gain control by compromising one Sky Mavis employee. Upon discovering the person's connection to the incident, the organization fired that team member.
At the time of the hack, Sky Mavis controlled 4 out of 9 validators, which would not be enough to forge withdrawals. The validator key scheme is based on decentralization and restrains an attack vector. However, the wrongdoers found a “backdoor through the gas-free RPC node, which they abused to get the signature for the Axie DAO valida...
|North Korea Responsible for Ronin Network Hack, FBI Confirms
The theft of $620 million in cryptocurrency, related to the bridge hack against the Ronin Network on March 23th, is the latest cybercrime committed by Pyongyang to fund its domestic programs, claimed the FBI.
North Korea Responsible for the Ronin Network Hack
The FBI issued a statement on Thursday, indicating that cyber actors APT38, also known as Lazarus Group, associated with the Democratic People's Republic of Korea (DPRK), are responsible for attacking the Ronin Bridge, reported on March 29th, and stealing a total of $620 million.
The agency called the cybercrime and digital asset theft the latest illicit crypto-related activity conducted by North Korea.
Sky Mavis, the company behind the play-to-earn giant Axie Infinity, revealed that unidentified hackers had stolen roughly $620 million in Ethereum on March 23 from the Ronin network. The latter allows users to bridge cryptocurrencies from one blockchain to another.
Lazarus Group, a notorious group of hackers, reportedly associated with the North Korean government, as a result, was sanctioned by the Treasury Department on Thursday. The US authorities also vowed to sanction the cryptocurrency addresses linked to the perpetrators committing the cybercrime.
Previous attacks launched by the Lazarus Group have reportedly brought in illicit revenues for Pyongyang to fund its nuclear and ballistic missile programs.
According to the report on North Korean hackers by the blockchain analytics firm Chainalysis in Jan...
|OFAC Update Claims Ronin Hack Is Tethered to North Korea's Hacker ...
According to the U.S. Treasury and the Office of Foreign Assets Control (OFAC), the recent Ronin bridge hack may have been tied to the North Korean hacker syndicate called Lazarus Group. Federal law enforcement officials have tied the flagged ethereum address connected with the Ronin bridge exploit to the group of hackers and added the crypto address to OFAC's Specially Designated Nationals And Blocked Persons list (SDN).Ronin Bridge Exploiter's Address Added to OFAC's SDN List
On April 14, the U.S. government published an OFAC SDN list update which includes the ethereum (ETH) address involved in the recent Ronin bridge exploit. Bitcoin.com News reported on the Ronin bridge attack on March 29, after the protocol associated with the blockchain game Axie Infinity lost $620 million in crypto assets. To date, the Ronin bridge attack has been one of the largest decentralized finance (defi) exploits in 2022.
According to the U.S. Treasury and OFAC, the ethereum address, which is already flagged on blockchain explorers under the name 'Ronin bridge exploiters,' belongs to the North Korean hacker syndicate called Lazarus Group. The ethereum wallet holds 144,837.79 ether worth roughly $438.6 million using today's ether exchange rates. The newly updated SDN list explains that Lazarus Group has various names including the 'Guardians of Peace,' 'Hidden Cobra,' 'Red Dot,' 'Temp.Hermit,' and the 'New Romantic Cyber Army Team.'
Transactions With Any SDN-Listed Crypto Addresses Are Prohibite...
|The Ronin Hack Aftermatch: Axie Infinity's $1M Bug Bounty
The popular blockchain game Axie Infinity has been left shaking after the $650 million Ronin bridge hack. The studio behind the game, Sky Mavis, has been taking multiple measures to try to secure the network and win back the confidence of users. The latest move announced is a $1 million bug bounty program that invites white hat hackers to stress test the blockchain.
Co-Founder and COO of Sky Mavis and Axie announced: 'Calling all whitehats in the blockchain space. The Sky Mavis Bug Bounty program is here. Help us keep the Ronin Network secure while earning a bounty up to $1,000,000 in bounty for fatal bugs.'
The Ronin Hack
On March 23rd, a hacker was able to scoop $600 million from the Ronin bridge. It is the largest hack in the history of decentralized finances so far. The Ronin Network team confirmed that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised as the attacker used 'hacked private keys in order to forge fake withdrawals.'
The attack was uncovered after the attacker was unable to withdraw 5k ETH from the bridge. But it was too late, as they had already drained 173,600 Ethereum and 25.5M USDC from the Ronin bridge in two transactions.
The Ronin team stated that they are working with law enforcement officials, forensic cryptographers, and investors 'to make sure all funds are recovered or reimbursed,' and added that 'All of the AXS, RON, and SLP on Ronin are safe right now.'
'While racing for mainstream adoption, we made some trade...
|Sky Mavis Offers $1 Million Bug Bounty Following Ronin Bridge Hack
Sky Mavis – the company behind Axie Infinity – is offering up to $1 million to anyone that can identify major security vulnerabilities in its platform. This comes after the company was struck by the largest defi hack in history, with over $600M being drained from Ronin bridge.
A Call to Whitehats
According to the company’s website, the Sky Mavis Bounty Program will take reference from the Bugcrowd Vulnerability Rating Taxonomy. The system will help Sky Mavis prioritize and rate its community's findings around security issues. The more severe and disruptive to business a given vulnerability is, the greater the reward for its discovery will be.
Potential vulnerabilities are broken down into two categories: “Smart Contracts and Blockchain” and “Web and Apps”. A list of smart contracts and web apps eligible for scrutiny is provided.
Web and app security vulnerabilities generally offer fewer rewards, with a max of $15,000 offered for “critical” findings. By contrast, blockchain weaknesses promise rewards across five severity tiers, ranging from $1000 for “low” risk findings to $1,000,000 for 'fatal' ones. These rewards will be paid in Axie Infinity Shards (AXS).
The program comes with strict and specific rules, however. For example, vulnerabilities must include proof of concept, rather than remaining purely theoretical. They must not require a root/jailbreak to conduct and need to have a tangible security impact. Re...
|This Week's NFT Sales Dropped by 13%, Ronin Markets Rebound, Clone...
Non-fungible token (NFT) sales have been lackluster this past week, as the aggregate sales volume during the last seven days has dropped 13.75% since last week. The largest number of sales stemmed from Ronin this week as 45,875 buyers increase Ronin-based NFT sales by more than 72%. The NFT collection that recorded the most sales volume over the last seven days was Clonex as the NFT collection's sales saw a 94.05% rise.7-Day NFT Sales Slide by 13.75%
After the week of March 20-26, 2022, Google Trends data shows the search term 'NFT' slid from a score of 39 to this week's score of 37. Since scoring a 100 on the week of January 16-22, 2022, the number of queries worldwide for the search term 'NFT' dropped by 63%. Last week, in terms of sales, NFT sales volume increased by 34%, and the NFT collection Azuki was the top-selling collection. Since Bitcoin.com News published the weekly NFT sales report, seven-day statistics show NFT sales are down 13.75%.
Metrics derive from cryptoslam.io rankings and the platform records sales stemming from 15 different blockchains. Ethereum saw the most number of NFT sales during the last week with $570.2 million. All 15 blockchain networks processed approximately $662.4 million over the last seven days. This means more than 86% of all the NFT sales last week stemmed from the Ethereum blockchain. However, Ethereum-based non-fungible token sales dropped 12.55% lower than last week's ETH-based NFT sales.
The blockchain network Ronin was the leader t...
|Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refun...
Sky Mavis, the company behind the play-to-earn (P2E) game Axie Infinity, announced it has raised $150 million in a funding round to replenish the funds the company lost in the Ronin Network exploit. The funding round - which was led by Binance and had the participation of companies like Animoca Brands, a16z, Dialectic, Paradigm, and Accel - constitutes part of the actions the company is taking to recover its ecosystem and reimburse users.
Sky Mavis Raises Funds to Replenish Its Ronin Bridge
Sky Mavis, the operator of Axie Infinity, a recognized play-to-earn (P2E) video game in the Web3 ecosystem, has finally announced the actions it will take to recover the funds lost and restore trust in its Ronin Network. The company revealed a funding round where it raised $150 million, led by Binance with the participation of companies in the play-to-earn field like Animoca Brands, and other firms like a16z, Dialectic, Paradigm, and Accel.
On the participation of Binance in this round, Changpeng Zhao, CEO of the exchange, stated:
We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it's necessary to support them as they work hard to resolve the recent incident.
Other Actions On the Way
The company also informed about another set of actions it will be taking as a result of the exploit the Ronin Bridge suffered. Sky Mavis declared that with the new funds and other funds taken from its treasury, all of the users' accounts affected will b...
|Axie Infinity's Ronin Bridge Hacker Starts to Move Stolen Ethereum...
There has been some activity on the blockchain address that was flagged as being involved in the hack on the Axie Infinity Ronin bridge last month.
There have been several transactions over the past couple of hours from the suspect Ethereum address. The first was the movement of 1,000 ETH valued at approximately $3.5 million to another address.
Several more transactions of 100 ETH subsequently followed, all of them going to the Tornado Cash Ethereum mixing service. The movements were noticed by Chinese crypto analyst Colin Wu on Monday morning.
The address of the hacker who stole $610 million in the Ronin_Network case began to move, transferring 1000 ETH to another address and then 200 ETH to TornadoCash. https://t.co/7RYHCmwght
— Wu Blockchain (@WuBlockchain) April 4, 2022
Tracking Stolen Crypto
Major exchanges are seldom used by criminals because most of them now require extensive KYC (know-your-customer) procedures. Even those that do not provide fiat conversions have had to bow to global regulators. However, CryptoPotato did report that some of the funds were moved into exchanges such as FTX, Huobi, and CryptoCom, all of which have vowed to take action.
Malicious actors are more likely to attempt to obfuscate the transactions, often several times, before they can finally cash out into fiat somewhere. The founder of Immutable Vision commented that this could lead to tighter regulations and punishment for legitimate investors.
“This is when privacy blockchains...
|Weekend Watch: ETH Soars to 3-Month High, AXS Adds 12% Despite Recent Ro...
After falling by nearly $4,000 in a day, bitcoin reacted well and bounced off to above $46,000. Most altcoins are also in the green today. Impressive gains are evident from Ethereum, Binance Coin, Solana, Avalanche, NEAR Protocol, Axie Infinity, and others.
Bitcoin Reclaims $46K
Last week started with a notable price surge from bitcoin when the asset spiked from $45,000 to just under $48,000 to mark its highest price tag since early January. It failed at first to breach that level but managed to do so a day later.
After tapping a three-month high, the cryptocurrency stalled for the next few days and remained between $47,000 and $48,000. This changed on March 31 when BTC slumped from $47,700 to just over $44,000 in a matter of hours.
Nevertheless, bitcoin reacted well to this price drop and started recovering value almost immediately. As such, it spiked to and above $47,000 a few hours back. Despite retracing to $46,600 as of writing these lines, BTC is still over 3% up on the day.
BTCUSD. Source: TradingView
AXS and NEAR Lead the Way
The altcoins suffered just as badly yesterday, but the situation today is largely different.
Ethereum dropped to around $3,300, but a 6% increase since then has pushed the second-largest cryptocurrency to just under $3,500 as of now. This is ETH's highest price level in almost three months.
Binance Coin has added around 5% of value in the past 24 hours and sits at a two-month high at $450. More impressive gains come from Solana (7.5%), Terra (6%)...
|Axie Infinity Delays Origin Game Launch Due to Ronin Hack
Axie Infinity has announced postponing the launch of its much-anticipated play-to-earn game - Origin - after what appears to be the biggest hack in DeFi history.
According to the post on substack, Axie Infinity: Origin will go live on the Mavis Hub on April 7th. It was originally slated to launch on March 31st.
Axie Infinity: Origin
Following the major security breach, Axie stated that the platform needs to reprioritize its efforts and delay the launch date by a week. While the game is ready for a soft launch, however, the move would provide the engineering and security team an additional window of time to deeply investigate all implications of the breach before asking for their full attention to support Origin's release.
While the game is ready for a soft launch, we’ve decided to give the engineering and security team some more time to investigate all effects of the security breach, before focussing on backing Origin's release.
The announcement also read,
'On Thursday, April 7 - Origin will be available for download via Mavis Hub! We are incredibly excited to get Origin into the hands of our community! Even though we’re not able to share it with you today as planned, we’re hoping that the onslaught of videos and content we’ve prepared will help prepare you once it’s available next week.'
Ronin Exploit and Aftermath
As reported by CryptoPotato, the exploit, that in actuality took place a week ago, affected Ronin validator nodes for Sky Mavis, who...
|Sky Mavis COO Vows to Compensate Victims in the $600M Ronin Hack
Sky Mavis – the company behind the popular blockchain game ‘Axie Infinity’ – has promised to reimburse victims after $625 million in crypto was stolen from its underlying blockchain, Ronin.
Another Bridge Hack
Yesterday, the Ronin network suffered the largest DeFi hack in the history of crypto, with over $624 million in Ether and USDC being drained from a critical blockchain bridge.
A blockchain bridge allows holders of assets on one blockchain to swap out their tokens for equivalent assets on other chains (Ex. Swapping Ether on Ethereum for “Wrapped Ether” on Ronin).
Unfortunately, they also create massive honeypots for hackers to target in an otherwise “decentralized” ecosystem. In fact, Ethereum founder Vitalik Buterin has written at length about why the future will of crypto may be 'multi-chain' but not 'cross-chain' due to the security vulnerabilities of these bridges.
“We are fully committed to reimbursing our players as soon as possible,” said Aleksander Leonard Larsen – Chief Operating Officer at Sky Mavis – to Bloomberg via text message. “We’re still working on a solution, that is an ongoing discussion.”
The hacker gained access to the funds by compromising the private keys of a majority of Ronin’s 9 validator nodes. According to Larsen, many of the funds stolen from the bridge belonged to Axie players, and included Axie Infinity’s Treasury Revenue.
A whopping 56,000...
|The Biggest Ever Crypto Hack: What Happened in the Ronin Bridge Attack
Ronin Network, a critical bridge chain that powers Axie Infinity, was attacked, and this resulted in in a loss of 173,600 Ethereum and 25.5M USDC, equivalent to over $600M. Since the breach occurred on March 23rd, the stolen funds have flowed into FTX, Huobi, and CryptoCom, which have all vowed to take actions to trace the funds.
Binance said it had temporarily suspended withdrawals and deposits on the Ronin Network.
Sky Mavis, the company behind Axie Infinity, said it would compensate online participants who lost funds during the attack against Ronin's systems.
Stolen Funds Mostly Remain Unmoved
According to the analysis conducted by PeckShield Inc, a blockchain security and data analytics company, the hacker's main address '0x098B716B8Aaf21512996dC57EB0615e2383E2f96' contained a negligent amount of ETH. That acted as the fee for its later transactions to multiple wallets on centralized exchanges.
Later, the attacker transferred the funds to multiple unknown wallets. They used those to send 1,220 ETH to an account on FTX, 3,750 ETH to three Huobi addresses, and 1 ETH to a CryptoCom wallet. However, most of the funds are still remaining at the hacker's main address.
Here comes an initial flow chart @Ronin_Network! Hope it helps to recover the stolen funds! @binance @HuobiGlobal @FTX_Official @SBF_FTX @cz_binance @MultichainOrg https://t.co/N660QtFukP pic.twitter.com/ABWktFpOPx
— PeckShield Inc. (@peckshield) March 30, 2022
Mistracker's on-chain analysis revealed that ...
|Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validato...
According to Sky Mavis, the creators of the blockchain NFT game Axie Infinity, the Ronin network has been attacked, and a hacker has managed to siphon 173,600 in ethereum and 25.5 million usd coin (USDC). The attacker has obtained roughly $620 million worth of crypto assets, and the Ronin bridge and Katana Dex have been paused. The Largest NFT Blockchain Game Axie Infinity Suffers From a $620 Million Hack
The largest non-fungible token (NFT) blockchain game, Axie Infinity, has suffered from an attack on Tuesday after the Ronin network validators were compromised. Sky Mavis, the company behind the Axie Infinity project, explained that the validators were compromised as early as March 23.
The funds were drained in two transactions (transaction 1 and transaction 2) and Sky Mavis discovered the attack after a user complained that they could not withdraw 5,000 ether from the Ronin bridge.
'The attacker used hacked private keys in order to forge fake withdrawals,' Sky Mavis's post mortem statement discloses. While the Ronin bridge and Katana Dex has been halted, Sky Mavis also said: 'We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.'
The team further explained that the project uses nine validator nodes to run Ronin, and in order to deposit or withdraw, five out of nine are needed to process a transaction.
'The attacker managed to get ...
|Largest Crypto Hack Ever? Ronin Bridge Exploited for $600M+ in ETH and U...
Ronin – an EVM blockchain for play-to-earn games – recently fell victim to one of the largest hacks in the history of crypto. A whopping 173,600 ETH was drained from Ronin bridge within the last week, alongside another 25.5M USDC.
According to a community alert issued by Ronin, the hack occurred due to Ronin validator nodes and Axie DAO validator nodes being compromised.
This led to hacked private keys being used to forge two fake network withdrawals (1 and 2) that absorbed hundreds of millions in crypto from the bridge. The transactions took place on March 23rd – nearly a week ago, before being noticed today.
Ronin’s chain consists of 9 validator nodes – 5 of which must be used to recognize a deposit or withdrawal event.
“The attacker managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO,” reads Ronin’s alert post.
The attacker reportedly located a backdoor through Ronin’s “gas-free RPC node,” which was used to compromise the Axie DAO validator node.
As of now, both Ronin bridge and Katana DAO have been halted, and Ronin states that all AXS, RON, and SLP on the network are safe.
At ETH’s current price, the attack amounts to $588,677,600 stolen in ETH alone. Combined with the $25.5M stolen in USDC, that’s a $614.1M hack.
This makes it the largest Defi hack of all time, narrowly beating the PolyNetwork hack from last year, and dwarfing the si...
|Report: Ronin Sidechain Processed 560% More Total Transactions Than Ethe...
The blockchain-powered game Axie Infinity has been a very popular application during the last 12 months, as the game's NFTs have outpaced every NFT collection today in terms of all-time sales. While Axie Infinity has seen $3.85 billion in all-time sales, Nansen researcher Martin Lee recently published a report on how Ronin, Axie Infinity's sidechain, has seen exponential growth.
Researcher Takes a Deep Dive Into Axie Infinity's Ronin Network
Axie Infinity, the Ethereum-based blockchain game developed by Sky Mavis has seen a significant amount of NFT sales surpassing every NFT compilation released to date. Out of 1.44 million buyers across 12.6 million transactions, Axie Infinity has seen $3.85 billion in all-time sales. However, even though Axie Infinity is an Ethereum-based game, the protocol leverages the sidechain Ronin to help alleviate scaling issues. In the introduction to Axie Infinity's Ronin, Nansen researcher Martin Lee explains that Ethereum's Layer one (L1) 'was not built for gaming.'
To handle the issue with high fees and scaling problems, Axie Infinity's development team created the Ronin sidechain to help facilitate transactions in a faster and inexpensive fashion. Lee's research report compares Ronin to the sidechain protocol Polygon and the Layer two (L2) blockchain Arbitrum One. The study also explains how the Ronin sidechain has its own native wallet in order to handle sidechain transactions. Interestingly, when it comes to scaling Lee's report shows that ...