600M USD Stole from Ronin

600M USD Stolen from Ronin Crypto Blockchain

This is the second-biggest Crypto theft on record.

Blockchain project Ronin confirmed on Tuesday that the theft of around 600 Million Dollars worth of cryptocurrency from their system.

Ronin is used to power the popular online game Axie Infinity, which uses non-fungible tokens (NFTs) and is the biggest NFT collection by all-time sales volume.

Ronin Blockchain Axie Infinity
Axie Infinity

Ronin Network said the attack targeting its blockchain netted 173,600 ether and $25.5 million worth of stablecoin, a digital asset pegged to the US dollar.

The haul was valued at $545 million when it was stolen on March 23, but was worth about $615 million based on prices Tuesday, making it one of the largest thefts ever in the crypto world.

Official Statement from Ronin

“Most of the hacked funds are still in the hacker’s wallet,”

“We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks,”

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure there is no loss of user funds.”

Ronin said in a post revealing the theft.

In its blog, Ronin said it’s in touch with major cryptocurrency exchanges and with blockchain tracer Chainalysis to monitor the movement of the stolen funds. Ronin also said it’s working with law enforcement.

The cryptocurrency arm of Jump Trading said last month it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record. Last August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network.

In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not give contact details on its website. It did not immediately respond to a request for comment sent via LinkedIn.

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