Hackers Stole $610 Million from Ronin Network

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Hackers Stole $610 Million from Ronin Network
04 Apr 2022
4 min read

News Synopsis

Crypto hackers have once again hacked the crypto exchange and stole crypto tokens worth $600 million. It is considered one of the largest crypto thefts to date, in which hackers stole $610 million in cryptocurrencies from Ronin Network.

The firm revealed that the hackers have stolen 173,600 ether tokens and 25.5 million USD coin tokens in two transactions. Trading in Axie Infinity, the popular game of Ronin Network, was halted. The firm has said that the remaining funds on the platform are safe.

Crypto hacks are becoming more and more regular as trading activity increases. A cyberattack on the Bitmart platform in 2021 stole $196 million of cryptocurrencies. Poly Network was also hacked in 2021 for $600 million.

Activists are worried that the anonymity of the blockchain makes hacking easier. While all transactions are registered there, it may be difficult to find out who owns which address.

The Ronin Network has said in a statement, “The attacher managed to get control over Sky Mavis’s four Ronin validators and a third party validator run by Axie DAO. It has also said in its blog post that the official Substack of Ronin Network is working with several government agencies to guarantee that offenders are arrested.

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