$600 Million Stolen From Axie Infinity’s Ronin Bridge
$600 million in Ethereum (ETH) and USD Coin (USDC) were stolen after a security breach in Axie Infinity's Ronin Bridge just a few hours ago.
The Ronin Bridge sidechain and decentralized exchange Katana were suspended after encountering an exploit which led to the theft of 173,600 ETH and 25.5 million USDC, totaling $612 million at current prices.
Ronin Bridge developers added that an investigation is currently underway in collaboration with law enforcement officials regarding the incident:
“We are working with law enforcement officials, forensic cryptographers and our investors to ensure that all funds are recovered. All of Ronin’s AXS, RON and SLP are safe at this time.”
According to Ronin’s developers, hackers used compromised private keys to forge withdrawals, enabling them to drain the aforementioned funds from Ronin’s network in two transactions.
What made the incident worse is that it happened on March 23, but was only discovered today after user attempts to withdraw funds from Ronin Bridge failed repeatedly.
Author
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
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