Ronin the Ethereum-linked sidechain created by Axie Infinity creator Sky Mavis and Sky Mavis, has disclosed a major security flaw in a blog post posted recently.Â
The project suffered losses of approximately 625 millions (173,600 Ethereum tokens and 25.5 million USDC tokens) after Sky Mavis's Ronin validator nodes, in addition to the Axie DAO validater nodes were compromised and destroyed by a shady actor last week.Â
This could be the biggest decentralized finance hack in history and surpasses that $611 Poly Network heist that took place in August.The Ronin hacker was able to make fake transactions with the help of stolen private keys.
While Poly Network managed to retrieve almost all the stolen funds however, it remains to be seen what Ronin will handle the historic hacking attack. The address associated with the attacker still holds the control of the vast majority the stolen crypto.
The Ronin network's developers Ronin network have already begun working with law enforcement officials as as blockchain sleuths to trace the hacker responsible for what appears to be the biggest DeFi theft ever.
The value of Ronin (RON) governance token Ronin (RON) Governance token fallen by more than 30% as a result of hacking according to the data supplied to CoinMarketCap. CoinMarketCap.
Ronin was launched last February to get rid of exorbitant gasoline costs and allow transactions to be completed much quicker. In January, Sky Mavis' Sky Mavis team introduced the RON token.
According to data provided by the my response blockchain sleuth Elliptic, the attacker behind the devastating Ronin bridge hack has already begun laundering the money.
Get the whole story:Â https://nov.link/biggestdefihack
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