$600 million Ronin Blockchain Hacked

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$600 million Ronin Blockchain Hacked, Biggest Damage In Crypto World
A couple of days ago, the owner of the Ronin Network, a blockchain network, Working alongside the Ethereum chain and the chain connected to the game, Axie Infinity has reportedly been hacked out of the system by hackers.

  • 173,600 ETH
  • 25,500,000 USDC
    It is worth $600 million in damage, which is known as the largest hack in the history of the cryptocurrency industry.
    Compared to the damage value of the hack that ever happened in the crypto industry.

Ronin is a blockchain that uses a Proof of Authority transaction verification with nine Node Validators selected by Ronin.
The advantage of Proof of Authority is that with a small number of nodes transactions are confirmed fast. But the con is that as in Ronin’s case hackers hacked up to 5 nodes(55%) and it causes successfully verifying transfers.

The company only realized that it was hacked in the night after one customer failed to withdraw Ethereum from the system.
Currently, the team is working with legal authorities to track down the villain to bring back the stolen money
After the announcement, Ronin’s coin immediately dropped -by 22%…

References :

https://www.bloomberg.com/news/articles/2022-03-29/hackers-steal-590-million-from-ronin-in-latest-bridge-attack

https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w&fbclid=IwAR1B87o62P7PE5hm61qp74DyQtAaixfsW0-VeNKVPWQX9TGLjSlrG7DihUQ

One thought on “$600 million Ronin Blockchain Hacked

  1. 40881 says:

    Great article! $600 million is a lot of money that was hacked. I wonder if the Ronin token has recovered from this fall and if they have added new security methods for this security breach to not occur again.

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