The Ronin network victim of one of the largest cryptocurrency thefts in history

According to a statement from Ronin, an attacker managed to fool the transaction validation system.

Less than two months after one or more hackers managed to steal nearly 320 million dollars (289 million euros) in cryptocurrencies, another platform of this decentralized economy suffered a spectacular robberywhose amount, at the current price, amounts on this occasion to more than 600 million dollars (543 million euros).

Tuesday March 29, the Ronin network announced in a press release that security flaws had allowed attackers to make unauthorized transactions to transfer very large sums: 173,600 ethers (ETH) and more than 25 million USDC (a cryptocurrency whose price is modeled on the US dollar and less prone to sudden rises and falls ).

The Ronin network is a cryptocurrency system on which the popular video game is based. axie infinity, in which you can earn money remarkably. The robbery revealed on Tuesday, March 29, refers to the “bridge” (” bridge “ in English) by Ronin, a tool that allows conversions from one cryptocurrency to another.

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According to Ronin’s press release, an attacker managed to hack the transaction validation system, which in theory prevents fraudulent cryptocurrency transfers. The person behind this hack managed to compromise the private keys used by Ronin and Sky Mavies, the parent company ofaxie infinityto validate large transactions and thus steal large amounts of cryptocurrencies.

The hack took place on March 23 but was not discovered until the following week, after a user contacted Ronin to explain that he could not withdraw funds in ether on the network. In his press release, Ronin explains that he is in talks with Sky Mavies investors to ensure that users can get back the funds that were stolen from them.

A Critical Cryptocurrency Sector

Bridges are a very important and sensitive element of the cryptocurrency ecosystem: funds are deposited there to be exchanged for other cryptocurrencies, but the initial sums used remain guaranteed. If the latter disappears, the exchanged cryptocurrencies may lose their value. On February 2, the Wormhole Bridge was hacked, allowing one or more attackers to conduct fraudulent transactions and steal nearly $320 million in cryptocurrency. At that time, one of Wormhole’s main investors then he had refloated the platform so as not to jeopardize the funds that had been converted.

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The robbery suffered by Ronin is one of the largest in the history of cryptocurrencies, such as the one that, in 2021, caused the loss of $600 million for Poly Network, a decentralized financial platform. For the company Elliptic, specialized in the analysis du marché des cryptomonnaies, this is the volume that remains for the day the most important: if the funds disposed of Ronin are equivalent to over 615 million dollars, it is worth 540 million at the time of piracy, on 23 March.

In another case, on February 8, US authorities announced the arrest of two people suspected of wanting to launder funds stolen from the Bitfinex platform in 2016. At that time, nearly 120,000 bitcoins, worth around $72 million, had been stolen. Today, its virtual value is close to 5,600 million dollars, or about 5,000 million euros.

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