Business

Axie Infinity’s Ronin Bridge Has Been Hacked For Over $600M

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According to Axie Infinity’s official Discord and Ronin Network’s official Twitter thread, along with its substack page, the Ronin Bridge and Katana Dex were stopped after an exploit for 173,600 Ethereum (ETH) and $25.5 million coin (USDC), totaling $612 million at Tuesday prices. In a statement, its developers said they are “currently working with law enforcement officials, forensic cryptographers and our investors to ensure all funds are recovered or refunded.” All AXS, RON and SLP [tokens] on Ronin are safe now.”

As reported by the Ronin developers, the attacker used hacked private keys to fake payouts and withdraw the funds from the Ronin Bridge in just two transactions. More importantly, the hack took place on March 23 but was only discovered on Tuesday after a user allegedly uncovered problems after failing to withdraw 5,000 ETH from the Ronin bridge. At the time of publication, RON, Ronin’s primary governance token, is down nearly 20% to $1.88 in the past hour.

This is an evolving story and will be updated accordingly.