September 28, 2022

TheCyberThrone

Thinking Security ! Always

Ronin hacked – 600$ million stolen

Hackers have stolen their cryptocurrency assets worth $615 million from its systems belongs to Blockchain company Ronin.

Ronin is developed by Singapore-based game studio Sky Mavis, which also owns Axie Infinity. It’s one of the largest heists recorded in terms of cryptocurrency, the company said that the hackers stole USD Coin tokens worth 25.5 million and around 173,600 ether tokens on March 23.

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The blockchain project is used to power the commercial online game called Axie Infinity, wherein it uses non-fungible tokens (NFTs). The company’s NFT collection is top-notch in terms of all-time sales volume.

Ronin says that the hacker had used stolen private keys and the passwords needed to access crypto funds to make off with the funds. It also claimed that it had discovered the heist only on Tuesday and  said working directly with various government agencies to ensure the criminals get brought to justice.

The company further informed that it is in discussions with Axie Infinity on how to ensure no users’ funds were lost, while Ronin’s users are currently unable to withdraw or deposit funds on the network.

The company also clarified that most of the funds are still in the hacker’s digital wallet and that it is trying to track those funds with eminent blockchain tracker Chainalysis.

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Meanwhile, this happens to be the third biggest crypto hack in recent times. Earlier, the decentralized finance site which is a cryptocurrency arm of Jump Trading was hit by a $320 million heist last month

In August 2021, in the biggest crypto heist ever, hackers had returned around $610 million of digital assets they had stolen from DeFi site Poly Network.

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