$600m stolen from Ronin Network

Around $600 million of cryptocurrency has been stolen from Ronin Network.

Ronin Network is the blockchain which powers online game Axie Infinity, which allows users to trade Non-Fungible Tokens (NFTs) within a virtual world.

The Ronin-operator and Axie owner Sky Mavis said it discovered the security breach on 29th March, after a report that a user was unable to withdraw 5k worth of Ethereum from the bridge.

The theft consisted of 173,600 Ethereum tokens and 25.5 million USDC, which Ronin said was drained in two transactions, after the attacker used hacked private keys to forge fake withdrawals.

Most of the hacked funds are still in the hacker’s wallet according to Ronin

The news comes after a year filled with high profile cryptocurrency attacks.

In August, hackers stole $600 million in cryptocurrency from decentralised finance provider (DeFi) Poly Network.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure there is no loss of user funds,” said a Ronin spokesperson. “This is our top priority right now.”

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