2022-03-30 02:44:34
The first quarter of 2022 is about to end with one of the largest crypto thefts, as the gaming-focused Ronin bridge, which connects blockchains, has been exploited to the tune of more than USD 600m.
The Ronin Network confirmed that the bridge has been exploited for ETH 173,600 and USDC 25.5, which is now worth around USD 617m. However, per blockchain analysis firm Elliptic, the total value of the stolen cryptoassets at the time of the theft was USD 540m, which makes it the second-largest crypto theft.
As of 29 March 2022. Value of funds at the time of theft. Source: Elliptic
Both the bridge and the Katana decentralized exchange have been halted, they added.
The team behind the network claims that today, they discovered that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised on March 23. Sky Mavis is the developer of Axie Infinity, the popular blockchain-powered play-to-earn game. The firm also developed Ronin, an Ethereum-linked sidechain made specifically for Axie Infinity.
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