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Axie Infinity’s Ronin Bridge Hacked For 173,600 ETH and 25.5 Million USDC Worth a Combined $612 Million

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.

Read Also: NFTs worth Millions of Dollars Swiped On OpenSea by a Hacker. Investigation Ongoing

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.

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.”

Read Also: Wormhole Protocol Confirms It Was Hacked of 120,000 ETH worth $320 Million

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.

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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.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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