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Axie Infinity blockchain network hacked for more than 600 million USD

The Ronin network developed for the game Axie Infinity was attacked by hackers, stealing over $600 million worth of cryptocurrency.

In an announcement on Twitter on the night of March 29, Ronin Network said the system had a vulnerability and was attacked. The hacker made two money transfers, totaling 173,600 Ethereum and 25.5 million USDC. With a value of each ETH of 3.4 thousand USD, this cryptocurrency is equivalent to 615 million USD.

The recorded data shows that the attack occurred on March 23. The development team just discovered after someone reported that they could not withdraw 5 thousand ETH from the system.

Page CoinDesk Call it the biggest hack in DeFi history, with more money than the Poly Network hack last August, when hackers stole the same amount of cryptocurrency. 611 million USD before full return.

After the incident was announced, the price of some cryptocurrencies related to Axie Infinity also fell sharply, in which AXS coin fell 8% to $65/AXS, RON fell 27%, SLP fell 7%.

RON coin plummeted after the hack was announced, on the evening of March 29.

RON fell sharply after the attack was announced, on the evening of March 29.

Ronin Network is a side blockchain, built by Sky Mavis to serve the development of the game Axie Infinity. This blockchain helps to overcome some of the problems of the Ethereum blockchain such as high fees and ease of network congestion.

In the explanation, Ronin Network said the blockchain is built with nine validator nodes. Every current deposit or withdrawal will require at least five validating nodes. In the above attack, the hacker successfully attacked five nodes, including four nodes of Sky Mavis and one of Axie DAO.

The deeper cause is from the rapid growth of Axie Infinity 2021. The large number of users caused Sky Mavis in November 2021 to request the right to self-validate transactions on behalf of Axie DAO. A month later, this was discontinued, but access to the validation list has not been revoked. Hackers took advantage of this vulnerability to perform the above withdrawal transactions.

According to the recorded transaction data, the stolen cryptocurrency is mostly still in the hacker’s wallet. In addition, they also transferred at least 6,250 ETH to a number of different wallets, including a wallet address on the FTX exchange. After the hack was announced, the CEO of FTX exchange, Sam Bankman-Fried, also confirmed the above situation and confirmed that it is investigating and will take appropriate actions to support.

Ronin Network announced that it has stopped withdrawing and depositing funds into the network, and disabled the Ronin bridge with the Katana DEX. This unit is also taking measures to track the path of the stolen money to find the culprit.

“We are working with law enforcement, cryptographic investigators and investors to ensure all funds are recovered or refunded. All AXS, RON and SLP on Ronin are safe,” Ronin Network announced.

Sky Mavis, the company behind Axie Infinity and Ronin, a company co-founded by engineer Nguyen Thanh Trung. By the end of 2021, this company is valued at 3 billion USD. Axie Infinity also the most famous blockchain game globally. At one stage, the AXS coin of this game reached a market capitalization of more than 8 billion USD.

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