Approximately $9.5 million worth of Ethereum stolen from Ronin gaming network
Around $9.5 million worth of Ethereum was stolen from wallets on the Ronin gaming network and sent through the Tornado Cash mixer. The co-founder of Ronin and NFT game Axie Infinity confirmed that he was affected by the attack. Security firms PeckShield and Webacy reported that about 3,250 ETH was pilfered from Ronin network wallets and transferred to three separate Ethereum wallets. The stolen ETH was then routed through Tornado Cash, an automated service that mixes funds to make them harder to trace.
Jeff “Jiho” Zirlin, co-founder of Ronin and Axie Infinity creator Sky Mavis, stated that his personal wallets were compromised in the attack. He emphasized that the attack did not impact the validation or operations of the Ronin chain and assured everyone of strict security measures in place for all chain-related activities.
In a separate tweet, Sky Mavis co-founder Aleksander “Psycheout” Larsen clarified that the attack was not related to the security of the Ronin Network or its Ethereum bridge.
The aftermath and recovery
The price of Ronin (RON) briefly dropped as funds were withdrawn from the network, but it has since recovered. This incident is not the first time Ronin has faced security issues. Two years ago, their Ethereum bridge was hacked for $622 million worth of cryptocurrency. The attack was attributed to the North Korean hacker group Lazarus and highlighted concerns about decentralization on the Ethereum gaming sidechain.
Sky Mavis later refunded all cryptocurrency taken from users during the 2022 heist and has implemented measures to enhance security. Authorities were able to recover a portion of the stolen funds routed through centralized exchanges.
Despite the recent attack, Ronin and Axie Infinity remain committed to ensuring the security and integrity of their platforms.
Hot Take: Safeguarding Your Crypto Assets
As a crypto enthusiast, it’s crucial for you to prioritize the security of your digital assets. Here are some key takeaways from the Ronin network attack:
- Be vigilant: Regularly monitor your wallets and transactions to detect any suspicious activity.
- Use secure wallets: Choose reputable wallets with robust security features to store your cryptocurrencies.
- Enable two-factor authentication (2FA): Add an extra layer of protection to your accounts by enabling 2FA wherever possible.
- Stay informed: Keep up-to-date with the latest news and developments in the crypto space to stay ahead of potential threats.
- Diversify your holdings: Consider spreading your investments across multiple cryptocurrencies and platforms to minimize risk.
By following these precautions, you can better safeguard your crypto assets and mitigate the risk of falling victim to malicious attacks.
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