Jeff Zirlin’s Wallets Hacked, $9.7 Million Worth of Ethereum Stolen
Jeff “Jihoz” Zirlin, co-founder of Ronin and Axie Infinity, announced that two of his wallets have been hacked, resulting in the theft of approximately $9.7 million worth of Ethereum. The compromised funds were initially divided and transferred to three different wallets. They were then sent through Tornado Cash Mixer in an attempt to hide the origin and traceability of the stolen assets.
Ronin Bridge Not Affected
On-chain analyst Lookonchain reported the hacker’s attack on Zirlin’s wallets. The attacker gained access to 3.2 million RON, 282.32 WETH, 160,000 PIXEL, 2.76M SLP, 2,042 USDC, and 164 AXS. The stolen assets were exchanged for 3,249 ETH and deposited into Tornado Cash Mixer.
Zirlin confirmed the hack on X and clarified that it only affected his personal accounts, not the operations or validation of the Ronin Chain. He assured his followers that he was safe and would overcome the situation.
Blockchain investigator PeckShield determined that the hack was a result of a “wallet compromise” where the hacker gained unauthorized access to transfer funds.
Ronin’s $625M Hack
This incident follows a major hack on Ronin two years ago when its Ethereum bridge was breached, resulting in the theft of $625 million worth of cryptocurrency. The attack was attributed to the North Korean hacker group Lazarus and highlighted issues with decentralization within the Ethereum gaming sidechain at that time.
Authorities managed to recover around $30 million in cryptocurrency through centralized exchanges. Sky Mavis, the company behind Ronin, ensured that all affected users were fully compensated for their losses.
In a separate incident, Ripple co-founder Chris Larsen’s wallet was hacked, resulting in the theft of $4.2 million worth of XRP. Binance was able to freeze the stolen funds as the hacker did not use a crypto mixer like Tornado, allowing for traceability and blocking of the stolen assets.
Hot Take: Protecting Your Crypto Assets
Instances of hacking and theft in the crypto space serve as reminders to prioritize the security of your crypto assets. Here are some key steps you can take to protect your holdings:
- Use a secure wallet: Choose a reputable and secure wallet to store your cryptocurrencies.
- Enable two-factor authentication (2FA): Add an extra layer of security by enabling 2FA on your wallet and exchange accounts.
- Keep software up to date: Regularly update your wallet and device software to ensure you have the latest security patches.
- Be cautious of phishing attempts: Be vigilant and avoid clicking on suspicious links or providing personal information to unknown sources.
- Store backups offline: Keep offline backups of your private keys or seed phrases in secure locations.
By following these precautions, you can minimize the risk of falling victim to hackers and safeguard your valuable crypto assets.
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