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Axie Infinity: Hacker steals $600 million from Ronin

 


With a total of $600 million, the Ronin hack is one of the biggest incidents to happen in DeFi space. Ronin is an Ethereum sidechain developed and used by Sky Mavis for the blockchain game Axie Infinity.


Unlike previous hacks, however, the hacker did not exploit any gaps or exploits in the complex network between different smart contracts, but instead transferred their loot directly. Ronin has 9 validator nodes and a transaction requires the approval of at least 5 of the 9 nodes.


Each validator holds a private key that allows them to sign a transaction. The investigations of the Ronin developers revealed that the hacker managed to steal the signature of 5 nodes. 4 of the affected validator nodes were controlled by the development studio Sky Mavis and the fifth is operated by the Axie DAO.


Record sum disappeared last week

The hacker then withdrew the 173,600 ETH and 25 million USDC from the Ronin Bridge, which allows tokens to be transferred between Ethereum and Ronin. The Ronin Bridge is an important part as it allows users to transfer their crypto assets to the Ronin sidechain and have the necessary funds there to interact with the game.


The fact that the incident happened on March 23 and only became known yesterday is particularly bitter. The loss was noticeable when a user tried unsuccessfully to withdraw 5,000 ether from Ronin because the bridge simply had no more reserves. As is usual in these cases, the hacker leaves a clearly visible trace on the blockchain that cannot be deleted.  


In response to the hack, Sky Mavis halted both the Ronin Bridge and the Katana decentralized exchange, which is also based on Ronin. They are currently working with investigative authorities and companies such as Chainalysis to track down the stolen cryptos. The perpetrator or perpetrators apparently also took loot from stock exchanges. This raises hopes that the trail can be followed successfully.


Are the victims compensated?

The hack stole all of the Ronin Bridge’s Ethereum and USDC reserves. However, the Ronin governance token and SLP and AXS tokens that were located on the Ronin Network are not affected.


It remains to be seen whether the perpetrator is willing to trade the loot for a reward and impunity. In other cases, such or similar agreements could be reached. So far, however, the bulk of the loot is still on the hacker’s Ethereum address . According to the Ronin team, they are currently working to compensate all those affected, although it is unclear exactly how this will be done. 

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