The Ronin Network is now actively taking steps to guard against future attacks. 🤔
The hackers stole approximately 173,600 of the very popular ether and 25.5 million of USDC, a cryptocurrency pegged to the U.S. dollar.
The incident is now believed to be the biggest theft of cryptocurrency ever. The theft occurred on March 23, but was only discovered and reported last Tuesday.The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge," said the Ronin Network in their statement."Sky Mavis’ Ronin chain currently consists of 9 validator nodes.
"The validator key scheme is set up to be decentralized so that it limits an attack vector, similar to this one, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator." For now, the hacker’s crypto wallet is reported to indicate that most of the stolen funds haven’t yet been moved. It is speculated that the criminal is waiting for a safe way to move the money without being caught.The Ronin Network said they were actively taking steps to guard against future attacks and had increased their validator threshold from five to eight in order to prevent further short-term damage.
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