In keeping with a tweet posted on Ronin Community’s official Twitter deal with, the Ronin bridge has been exploited and 173,600 ETH and 25.5 million USDC cash value about $612 million have been stolen.
The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC.
The Ronin bridge and Katana Dex have been halted.
— Ronin (@Ronin_Network) March 29, 2022
Following the hack, Ronin bridge and Katana DEX have each been halted.
Ronin nevertheless mentioned within the Twitter thread concerning the exploit that its workforce is working with “legislation enforcement officers, forensic cryptographers, and our buyers to guarantee that all funds are recovered or reimbursed.” It additionally mentioned that “the entire AXS, RON, and SLP on Ronin are secure.”
We’re working with legislation enforcement officers, forensic cryptographers, and our buyers to guarantee that all funds are recovered or reimbursed. All the AXS, RON, and SLP on Ronin are secure proper now.
— Ronin (@Ronin_Network) March 29, 2022
What we all know concerning the hack to date
In keeping with an official communication of Ronin Community on Substack, the hacker managed to take over the management of 4 of Sky Mavi’s Ronin validators along with a third-party validator managed by the Axie DAO.
The Sky Mavi’s Ronin chain consists of 9 validator nodes and 5 out of the 9 are required to append their signatures for a deposit or withdrawal to be acknowledged. Though the validator key scheme is decentralized and constructed to restrict an assault vector just like the one which simply occurred, the hacker discovered a backdoor via the community’s gas-free RPC node and received the signature for the Axie DAO.
On the time of writing, the RON token, which is Ronin’s native governance token, had dropped by over 20% over the previous one hour.
