Fans of the Axie Infinity game are likely familiar with the Ronin Network that supports it. The Ronin Network has experienced a devastating loss as hundreds of millions of dollars worth of Ethereum and USD Coin were stolen by hackers.
In a newsletter on their site, Ronin Network released a post issuing a community alert to inform users and fans that they have experienced a hack that resulted in an extreme loss of funds. Over $625M worth of Ethereum and USD Coin were stolen from the network. Ronin Network is currently working with law enforcement and has halted operations for users for the time being.
While the amount of cryptocurrency stolen is immense, Ronin Network confirms that only Ethereum and USDC were compromised and that other cryptocurrencies on their network were not affected. Customers are not able to currently withdraw any of their funds until the matter is resolved, but Ronin Network has confirmed that they will reimburse customers.
The hackers who are responsible for the attack were apparently able to gain access to funds by using hacked validator private keys. While the attack may have begun as early as Nov. 2021, Ronin Network was not explicitly aware of the situation until March 29, 2022, and notified users promptly.
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Published: Mar 29, 2022 10:37 am