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Axie Infinity Blockchain Ronin Was Hacked for Over $600M

The Ethereum sidechain Ronin, which hosts the play-to-earn blockchain game Axie Infinity, was hacked for approximately $600 million in cryptocurrency, making it one of the largest hacks in crypto history.

According to Ronin, the hacker gained majority control of the network by compromising four of its own validator nodes as well as one owned by third-party Axie DAO.

On March 23rd, after gaining control of these nodes, the attacker removed 173,600 ETH and 25.5 million USDC in two transactions, totaling over US$613 million at the time of writing.

The CTO of Komodo, Kadan Stadelmann, declared:

“The Ronin hack shows why centralized cross-chain bridge solutions may threaten the adoption of cryptocurrencies. Having only nine validators for the Ronin bridge, and four belonging to the same person is concerning.”

Following news of the incident, the price of RON, Ronin’s native currency, plunged by as much as 26% and was trading at US$1.78 at press time.

Poly Network suffered the largest-ever breach in August, losing nearly US$600 million before the assets were eventually retrieved and the culprit was granted a role as top security advisor at the firm.

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