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30-03-2022|Crypto

A hacker has stolen $625 million in cryptocurrency from the Blockchain platform Ronin.

A hacker has stolen cryptocurrencies worth $625 million from Ronin, the Blockchain platform powering the popular non-fungible token (NFT) game Axie Infinity, in one of the greatest decentralised finance (DeFi) breaches to date.

Sky Mavis, the Blockchain platform and operator of Axie Infinity, acknowledged the security compromise, claiming that the Ronin bridge was emptied of 173,600 Ethereum and 25.5 million USDC (a cryptocurrency pegged to the US dollar) in two transactions.

"In order to fabricate false withdrawals, the attacker exploited hacked private keys. After a user reported being unable to withdraw $5,000 in ETH from the bridge, we uncovered the attack "Late Tuesday, Ronin Network issued a statement.

The Ronin Bridge has been temporarily suspended by the corporation to guarantee that no new attack vectors are available.

"Binance has also disabled their Ronin-to-Binance bridge to be on the safe side. Once we are convinced that no funds may be drained, the bridge will be opened at a later date "The firm stated.

To ensure that all monies are recovered or refunded, the company worked with law enforcement agencies, forensic cryptographers, and investors.

"As we've seen, Ronin isn't immune to exploitation, and this attack has highlighted the need of prioritising security, being attentive, and minimising all threats," the Blockchain platform added.

The message said, "Users are now unable to withdraw or deposit funds to Ronin Network."

Hackers stole crypto tokens worth $120 million from BadgerDAO, a Blockchain-based decentralised finance (DeFi) platform, in January of this year. Before the site could stop the cyber attack, some crypto wallets were drained.

In December last year, cybercriminals stole $80 million in cryptocurrency from Qubit Finance, a decentralised finance (DeFi) network.

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