Axie Infinity’s blockchain network was hacked, $622 million was evaporated in a flash
At 22:00 on March 29, Ronin Network (RON), a blockchain network in the Axie Infinity ecosystem, was hacked into the bridge. According to the announcement from Ronin’s official Twitter account, the attack resulted in the escape of 173,600 ETH and 25.5 million USDC.
Ronin is also a product of Sky Mavis, the creator of the NFT Axie Infinity game. Ronin Network is built as a side-chain or branch network, connected to the Ethereum network. This is considered a solution to solve the problem of high transaction fees and network congestion as usual of Ethereum. This side-chain was born to bring the experience of trading, buying and selling items in Axie Infinity faster and smoother.
Announcement post on Ronin’s official Twitter account
With the current price of ETH at about 3,400 USD, hackers have appropriated a total of 622 million USD from Ronin, this amount is equivalent to 14.225 trillion VND. This is by far the most serious security incident in the history of the crypto industry. This number “reluctantly” beats the total loss of $ 611 million in the Poly Network incident that occurred in 2021.
Currently, Ronin’s Twitter account also announced that it has stopped the operation of the Ronin bridge and the DEX Katana exchange to conduct an investigation.
The attack is a huge step backwards for the NFT title Axie Infinity
However, the attack began on March 23. Hackers have conducted attacks on validating nodes on the Ronin network, in order to perform a transaction on Ronin, users need the consensus of 5 nodes (there are 9 validator nodes in total). However, the incident was only discovered on the morning of March 29 when the number of users reporting that they could not withdraw money from Ronin spiked.
Currently, Sky Mavis, the management company of Ronin and Axie Infinity raised the deposit and withdrawal validation level to 8/9 nodes and started contacting the security department of major exchanges to trace the money flow. Most of the stolen money is currently still sitting in the hacker’s wallet.
The price of the RON token lost 25% of its value after the crash
Immediately after the announcement of the attack was announced, the cryptocurrencies issued by Sky Mavis went downhill. It can be seen that AXS, the main token of Axie Infinity, fell 6.5% to $63.41, while Ronin’s RON token fell straight to $1.83, losing almost 25% of its value.
Cryptocurrency, commonly known as “virtual currency”, has not been recognized by law in Vietnam.
GameFi (short for Game + Finance) is a term that refers to games built on blockchain that incorporate financial elements. The information in the article is for reference only and has no investment recommendation value.
at Blogtuan.info – Source: Kenh14.Vn – Read the original article here
