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Sky Mavis’ Ronin Network Suffers $600 Million Hack

Wed, 30 Mar 2022 16:57:18 +0000

Sky Mavis Ronin Network 600 Million Hack

Ronin, the mighty network powering the Axie Infinity machine has suffered one of the largest hacks in DeFi history. Utilizing a devious manner of sleight of hand, attackers made away with 173,600 ETH ($600 million) and 25.5 million $USDC. All under the noses of the Sky Mavis team and its army of developers.

According to reports, the attack took place on March 23, but went unnoticed until March 29 when a subsequent user was unable to withdraw 5,000 ETH from the network. Once alerted, the team soon discovered the huge sums missing from the Ronin coffers.

The huge hack highlights a major shortcoming in the proof of stake network, that is often noted as being less secure than its proof of work counterpart. In total, Ronin runs off of nine validator nodes, five of which must agree in order to process transactions. During the hack however, criminals gained control over Sky Mavis’ own four nodes. Plus, a single validator from the Axie DAO. As a result, the evildoers gained control over the network and drained it of its reserves.

Following the hack, Ronin has pledged to return all funds lost due to the incident, and will continue working together with authorities to trace the wallet addresses involved. For now, it has frozen the Ronin bridge, as well as the Katana DEX until certain they have completely closed off the exploit, while additionally strengthening future transactions by increasing the required validator signatures from five up to eight.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Sky Mavis’ Ronin Network Suffers $600 Million Hack appeared first on NFT Plazas.

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