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Crime and Investigations

$600 Million Stolen From Axie Infinity’s Ronin Bridge

$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.”

READ MORE: Japan’s Largest Bank Unveils New Stablecoin Platform

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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