Cryptocurrency worth $600 million has been stolen from Axie Infinity gamers in one of the largest crypto heists ever. Computer nodes belonging to Sky Mavis and Axie DAO creator Axie Infinity were hacked, leading in the theft of 173,600 Ethereum and 25.5 million USD Coin, according to Ronin Network.
As Ronin Network reported in a newsletter article, the attacker utilised stolen private keys to create bogus withdrawals. After a user failed to withdraw 5,000 ethers on March 29, the digital ledger uncovered the hack.
According to Ronin Network, most of the stolen money are still in the hacker’s wallet, and the company is working with law enforcement, forensic cryptographers, and its investors to ensure that all monies are recovered or repaid. Bitcoins worth $615 million were stolen, making it one of the worst robberies in crypto history.
This issue has been addressed quickly and we are actively taking efforts to defend against future assaults,” Ronin said, adding that it has stopped the Ronin bridge that enables for transfers in and out of the network. Ronin added.
Digital ledger Ronin said the incident had reaffirmed the necessity of prioritising security, keeping an eye out, and reducing any dangers. In order to regain the confidence of our customers, we are employing every available resource to implement the most advanced security measures and procedures.
Ronin explained the attack’s methodology, saying, “There are presently nine nodes in Sky Mavis‘ Ronin chain. Five of the nine validator signatures are required to identify a Deposit or a Withdrawal. With the use of four Ronin Validators and a third-party Axie DAO validator, the attacker gained control of Sky Mavis.”
Ronin announced it will boost the “validator threshold” required to approve transactions from five to eight out of a total of nine validators to minimise more short-term harm. Security teams at key exchanges have been contacted and will be contacted in the following days, according to the statement.
The network has said that it is working with numerous government authorities to bring the culprits to justice. Additionally, “We are now consulting with Axie Infinity and Sky Mavis stakeholders how to best go ahead and guarantee that no user’s money is lost,” it said.
Published by : Aditya Andharia
Edited By : Kritika Kashyap
