Ronin Blockchain Platform Was Hacked and Lost Over $600 M

by in Blockchain News

Ronin network hack

Hackers managed to steal around $625 M by exploiting the popular web3 video game Axie Infinity’s Ronin sidechain.

Related: Wormhole Restored All Funds After Hack

A press release published by Ronin Network says the platform suspended activities on the bridge and the decentralized exchange platform Katana. It also reveals that starting on March 23, hackers could access private keys used to carry out transactions, forging fake withdrawals. The activity was found when a user couldn't withdraw their holdings and reported the issue.

Attackers were able to access Ether and USDC funds. The co-founder of Axie Infinity, Jeff Zirlin, talked about the hack in the NFT LA conference. He said that Ronin lost 173,000 Ethers and about $25M worth of USDC.

He added that the hack was one of the biggest in history, saying that Axie believes in a future of the internet that is open and allows users to own digital items. The company said they are collaborating with the blockchain data platform Chainanalysis to monitor the stolen funds.

Launched in March 2018, Axie Infinity is a top web3 game, where players can use virtual pets in the form of NFTs.