Ronin Network suffers $610-million hack, the largest ever cryptocurrency theft

In one of the largest crypto-thefts to date, hackers stole $610 million in cryptocurrencies from Ronin Network, the blockchain that powers the popular video game Axie Infinity. On March 29, the firm revealed that 173,600 ether tokens and 25.5 million USD Coin tokens were stolen by hackers in two transactions.

It was one of the biggest Crypto hacks in history after blockchain network Ronin announced the theft of 173,600 ether tokens and 25.5 million USD Coin tokens, totaling $540 million on March 23, but totaled $610 million when the announcement was made on March 29. pic.twitter.com/yYyINjuujX

— CGTN America (@cgtnamerica) April 1, 2022

Following the attack, trading in Axie Infinity was halted. Ronin Network also said that all remaining funds on the platform are safe.

The blockchain, which serves as a financial nerve centre, is a public record of where cryptocurrency transactions take place.

As the quantity of trade activity increases, crypto hacks are becoming increasingly regular. A cyberattack of the Bitmart platform in 2021 resulted in the theft of $196 million in cryptocurrency. Poly Network was also hacked for $600 million in 2021.

Activists are concerned that the blockchain's anonymity makes hacking simpler. While all transactions are logged there, it's sometimes difficult to figure out who owns which addresses.

"The attacker managed to get control over Sky Mavis's four Ronin validators and a third-party validator run by Axie DAO," the Ronin statement said. 

According to a blog post from the Ronin network's official Substack, they are working directly with several government agencies to guarantee the offenders are apprehended.

1/ Latest @Ronin_Network updates:

The investigation continues, and at this stage, we cannot share more substantial information. We have had various calls with key stakeholders, law enforcement agencies, and major exchanges.

— Ronin (@Ronin_Network) March 31, 2022