According to the latest, Axie Infinity’s Ronin Bridge has just experienced a security breach, which resulted in the loss of over $600 million worth of Ethereum (ETH) and USD Coin (USDC).
The Ronin bridge and Katana decentralized exchange (DEX) have been halted after encountering an exploit for 173,600 Ethereum (ETH) and 25.5 million USD Coin (USDC), worth a combined $612 million at current prices.
Ronin announced, “There has been a security breach on the Ronin Network. The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC. The Ronin bridge and Katana Dex have been halted.
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
Ronin Bridge’s developers added that an investigation in collaboration with law enforcement officials is currently ongoing over the incident:
“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.”
According to Ronin developers and shared by Cointelegraph, the attackers used hacked private keys in order to forge fake withdrawals, giving them the room to drain the aforementioned funds from the Ronin network in two transactions.
What made the incident worse is that it happened on 23rd March, but was only discovered today after a user’s attempts to withdraw funds from the Ronin bridge failed repeatedly.