Axie Infinity's Ronin Sidechain Hacked

The team of the popular game project Axie Infinity has announced that its Ronin sidechain has been hacked.

The loss, according to the blog post, is equivalent to $625 million. The hacker was able to steal 173.6 thousand ETH and $25.5 million. According to analysts, this is the largest hack in the history of DeFi projects.

The loss of funds was due to a compromised Ronin Network validation node. Typically, transactions on the Ronin sidechain are approved by at least 5 of the nine existing validators.

The hacker gained access to private keys through an RPC node and withdrew funds from the blockchain in two transactions. This happened last Wednesday, March 23, 2022.

 

 

By tracking the transaction on Etherscan, you can see that the funds were transferred from Binance to a fresh ETH address. Most of the assets are still there, but 6.25 thousand were transferred to other addresses.

Axie Infinity now holds the dubious record of being the largest DeFi hack in the history of cryptocurrencies. The Ronin Bridge and the Katana decentralized exchange have been shut down while investigations are ongoing.

Recall that the previous record belonged to the Poly Network project, which was hacked in August 2021. Then the hacker stole $ 611 million. As reported, then the hacker returned almost all the funds.

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