Ronin

Axie Infinity

Tornado Cash

Tornado

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    <p>Jihoz, the co-founder of crypto gaming platform Axie Infinity, has reportedly been hacked for $9.7 million from two ‘compromised’ personal wallets.</p>
    <p>Over 3 million RON tokens were drained on the Ronin Network before being sold for ETH, causing a 9% drop in the token’s price, according to data from CoinMarketCap.</p>
    <p>According to Peckshield, over 3,000 ETH were withdrawn from the game’s <a rel="noopener noreferrer nofollow" title="Ronin" href="https://thebittimes.com/tag/ronin.html">Ronin</a> Bridge, which also suffered a loss from compromised keys in 2022. The funds were immediately deposited into crypto mixing service Tornado Cash.</p>
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       <p lang="en" dir="ltr">This has been a tough morning for me.&nbsp;<br><br>Two of my addresses have been compromised.<br><br>The attack is limited to my personal accounts, and has nothing to do with validation or operations of the Ronin chain.<br><br>Additionally, the leaked keys have nothing to do with Sky Mavis operations.…</p>— Jihoz.ron (@Jihoz_Axie) February 23, 2024
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    <p><em>Read more: Explainer: What to know about crypto mixer Tornado Cash</em></p>
    <p>Security firm Ancilia’s initial flagging of the withdrawals <strong>suggested that the bridge itself had an issue</strong>. However, this was quickly refuted by Axie and <a rel="noopener noreferrer nofollow" title="Ronin" href="https://thebittimes.com/tag/ronin.html">Ronin</a>’s COO, who added, “The bridge itself has top security, been through many audits, and goes on pause when too much is being withdrawn.”</p>
    <p>Axie Infinity is a blockchain-based game that exploded in popularity via the concept of ‘play-to-earn’ during the crypto market’s last bull run.</p>
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       <p lang="en" dir="ltr">What happened to Ronin Bridge? @Ronin_Network https://t.co/Cj1DIBHpom<br><br>Over 2790 ETH has been withdrawn and deposited to Tornado immediately. pic.twitter.com/DXbN0rJq93</p>— Ancilia, Inc. (@AnciliaInc) February 23, 2024
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    <p><em>Read more: The play-to-earn crypto bubble has popped — Axie Infinity leads, down 99% from ATH</em></p>
    <p>In order to avoid costly Ethereum transaction fees, which would make the game unplayable, Ronin Network was set up as a cheap sidechain for players’ assets.</p>
    <p>In March 2022, the Ronin Bridge was <strong>hacked for approximately $625 million worth of Ether</strong> and USDC. Shortly afterward, the FBI ascribed the losses to the work of the North Korean state-sponsored hacking group Lazarus.</p>
    <p>The bridge was emptied due to a majority of validator keys (five of just nine validators) being compromised. For comparison, Ethereum currently has over 1.2 million validators. Four of the <a rel="noopener noreferrer nofollow" title="Ronin" href="https://thebittimes.com/tag/ronin.html">Ronin</a> validators were run by Sky Mavis, the developers of <a rel="noopener noreferrer nofollow" title="Axie Infinity" href="https://thebittimes.com/tag/axie-infinity.html">Axie Infinity</a>, with the final validator, which belonged to the Axie DAO, overridden thanks to an agreement designed to ease network congestion.<br><br>This <a rel="noopener noreferrer nofollow" title="attack" href="https://thebittimes.com/tag/attack.html">attack</a> was originally detailed in a post-mortem report from the <a rel="noopener noreferrer nofollow" title="Ronin" href="https://thebittimes.com/tag/ronin.html">Ronin</a> team, but it has since been deleted.</p>
    <p>With such a large concentration of funds, blockchain bridges have often proven lucrative targets for crypto hackers, who use an <strong>array of social engineering techniques</strong> to gain access to key infrastructure.&nbsp;</p>
    <p>In the case of Ronin, the hack was executed through a malicious PDF, which was delivered under the guise of a job offer.&nbsp;</p>
    <p>Jihoz has yet to provide details on how he believes this latest attack took place.<br>Read more: https://protos.com/explained-why-hackers-keep-exploiting-cross-blockchain-bridges/</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/axie-co-founder-hacked-for-10m-two-years-after-625m-ronin-attack-tbt80647.html">https://thebittimes.com/axie-co-founder-hacked-for-10m-two-years-after-625m-ronin-attack-tbt80647.html</a></p>

Axie co-founder hacked for $10M two years after $625M Ronin attack

TheBitTimes

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