Axie Infinity's Ronin Bridge exploited for $625 million
A security vulnerability has surfaced in the Ronin Network, an Ethereum sidechain developed by blockchain gaming platform Axie Infinity, resulting in what possibly is the largest DeFi exploit in history.
Ronin Bridge has been exploited
According to Ronin Network's report the hacker stole 173,600 ETH (approximately $600 million) and USDC 25.5 million ($25.5 million) through a vulnerability in Ronin Bridge, the protocol used to transfer assets from Ethereum to Ronin Network. The transaction history shows that the attack took place six days ago, surprising many users.During the exploit, the attacker was able to gain control of Sky Mavis, the company behind Axie Infinity, its four Ronin validators, and a third-party validator operated by Axie DAO. Once the attacker had access to Sky Mavis' systems, he was able to retrieve the signature of the Axie DAO validator by using the gas-free RPC and matching its malicious withdrawals to the five validators, which allowed him to withdraw ETH and USDC deposits from the bridge contract.
What is going to happen now?
This appears to be the largest DeFi exploit in history, even more significant than last year's Poly Network hack. The Ronin Network has responded by stating that it is working with law enforcement, forensic cryptographers, and investors to ensure that all funds are recovered or refunded. This could be an even bigger bailout than Jump Capital's when it stepped in to replace $325 million in losses from the Wormhole Bridge exploit.Ronin Network is a sidechain customized and designed for scaling NFT games, it was built by the Sky Mavis team behind Axie Infinity and currently still has a TVL of $340 million. According to the Ronin Network, all of the AXS, RON, and SLP on Ronin are safe now, and users cannot withdraw or deposit funds to Ronin Network.
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