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Hack of Ronin Network may be biggest crypto theft ever -- $622 million
Hackers Just Stole More Than a Half Billion Dollars from Axie Infinity's Ronin Network in What Could Be the Biggest Crypto Heist of All Time
By Taylor Locke
Fortune Magazine, New York
Tuesday, March 29, 2022
In what might be the biggest crypto hack to date, around $622 million has been stolen from a blockchain-based gaming network.
The Ronin Network, which powers the super-popular Axie Infinity game, confirmed the security breach on Twitter today. According to the network's Substack post, Ronin was exploited for 173,600 Ethereum and 25.5 million USDC.
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"We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed," the Ronin Network tweeted.
To approve any withdrawal or deposit, Ronin requires five of its nine validators to sign off on transactions to ensure funds are not moved by anyone with malicious intent. The attacker was able to control four Ronin validators and one validator linked to the Axie DAO -- the decentralized autonomous organization associated with Axie Infinity. ...
... For the remainder of the report:
https://finance.yahoo.com/news/hackers-just-stole-more-half-173129147.html
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