$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.
There has been a security breach on the Ronin Network.https://t.co/ktAp9w5qpP
— Ronin (@Ronin_Network) March 29, 2022
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.