Axie Infinity’s Ronin Network loses $625 million to Hackers
In one of the greatest attacks in crypto history, Axie Infinity’s Ronin Network lost $625 million as this amount was stolen by the hackers. The breach occurred on March 23 as posted by Ronin blockchain in its blog.
As per reports, two transactions were made by the attackers. One is of 173,600 Ethereum and the other of 25.5 million USDC. Every deposit or withdrawal requires 5 out of 9 validator nodes to complete. However, hackers successfully gained control of Sky Mavis’ 4 Ronin validator nodes and the fifth one was stolen from a third party. As per expert view, as long as platforms keep on using bridging protocols for using Ethereum’s base, security may not be guaranteed.
In a comment, Simon Vieira, CEO and Game Producer of Mixmob said that no financial assurances can be given till the time bridges’ protocols are being used on Ethereum. He advocated use of Zero-Knowledge Roll ups (ZKR) for enhanced security in the future.
However, Krystal Yang, CEO and Founder of Ignite Tournaments, was of a different view. For him, it was a breach of the ronin network, not an attack on axie. Moreover, Vijay Pravin, Founder & CEO of BitsCrunch came up with the idea that there is a need for tightening of security protocols across the P2E gaming industry.
Jasia Junaid is a professional and experienced content writer working with NFT News. She is also working at other International companies. Jasia has remained a former article writer at Saakin real estate, foodytechy and scholarly net. With a great command over several niches, Jasia took a dive into the world of NFTs and proudly takes part in bringing up the latest authentic news on cryptocurrency, metaverse, and blockchain alot more at NFT News. In her spare time, she tries to read and organize more information related to on-going crypto trends around the world, do light blogging and surf the internet around.
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