Biggest crypto hack ever? $600 Million Stolen Ethereum » Crypto Insiders

The cryptocurrency market once again experienced a massive hack today. This time the Ronin Network was hacked. If the hacker can get away with all the loot, it could be the biggest hack ever.

$625 million worth of Ethereum and USDC were embezzled

at Blog Article Ronin Network, a blockchain network focused on gaming, reports a whopping 173,600 Ether (ETH) And $25.5 million was stolen. Together, this sum is valued at approximately $625 million. The team behind the network says the hacker managed to crack the encryption through a number of private keys to steal.

Ronin network has 9 auditors. When five of them agree to a transaction, the transaction is settled. The hacker in question is said to have taken over four validators of Sky Mavis, the creator of the popular software blockchainAxie Infinity game, checker from Axie Infinity DAO. This allowed the hacker to approve two records. The Ronin Network explains how the hacker managed to obtain the keys:

“The validator key scheme is decentralized so that it limits the attack vector, an attack like this, but the attacker found a backdoor through us GasThe free RPC node, which they abused to obtain the signature of the Axie DAO validator.”

Ronin hack happened last week

Remarkably, the deals actually took place last Wednesday, March 23rd. When a user tried to withdraw 5,000 Ethereum across the bridge, and failed, the bell started ringing with the team.

The Ronin Network is now busy with damage mitigation. First, the number of nodes required to approve a transaction has been increased from five to 8, so that the hacker can’t do more damage. In addition, all major exchanges have been reported. For example, a small portion of Ethereum will go to FTX Sent, an exchange that requires verification of your identity. So there is some hope that the identity of the hacker will become known, although this is unlikely.

The entire Ronin Bridge was also frozen and the Katana DEX was closed as well. Blockchain security firm Chainalysis is said to help track and trace stolen cryptocurrencies.