Ronin, an Ethereum-linked sidechain developed by Axie Infinity creator Sky Mavis, has confirmed that a major security breach has occurred.
The project lost 173,600 ETH and 25.5 USDC (approximately $625 million) after Sky Mavis’ Ronin validator nodes, as well as Axie DAO validator nodes, were hijacked and drained by a hacker last week.
This attack surpassed the $611 million Poly Network attack last August, making it the largest DeFi hack in history.
Ronin hacker performed the attack by creating fake transactions with the help of compromised private keys.
Although almost all of the funds stolen in the Poly Network attack were recovered, the status of the funds after the Ronin attack remains unclear.
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