An Unknown Hacked the Ronin Sidechain and Stole $625 Million

An unknown hacker took advantage of a vulnerability on the Ronin sidechain involved in the blockchain game Axie Infinity and stole crypto assets worth about $625 million.

According to the Ronin team, the hacker withdrew 173,600 ETH, as well as USDC for a total of $25.5 million.

The developers have temporarily disabled the Ronin cross-chain bridge and the Katana non-custodial exchange.

According to the observations of The Block Research researcher Igor Igamberdiev, part of the funds was transferred to the centralized exchanges FTX and Crypto.com.

The project blog says that the hacker exploited the vulnerability on March 23rd. He gained control of five of the nine validators. However, the developers only found out about this on March 29, when one of the users complained that he could not withdraw 5000 ETH.

One of the users discovered that the hacker withdrew some more funds to the Binance exchange.

Representatives of Sky Mavis found the address that contains most of the stolen funds. The Etherscan service marked him as “involved in the Ronin bridge hack”.

The developers assured users that RON and in-game SLP and AXS tokens are safe on the Ronin sidechain.

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