Yesterday, Ronin, an Ethereum-linked sidechain developed by Axie Infinity creator Sky Mavis, confirmed a major security breach, with more than $625 million in losses.
In support of the investigation into the Ronin hack, global stock market giant Binance announced this morning that it has suspended Axie Infinity’s deposits and withdrawals on the Ronin network.
As part of the investigation, Binance said it has suspended all deposits and withdrawals on the Ronin network. The exchange also blocked potential hacker addresses with a dedicated team that monitors unusual transactions.
Additionally, Binance has paused the Wrapped Ethereum (WETH) withdrawal and WETH to ETH conversion function on the Ethereum network.
The company will reopen deposits and withdrawals on the Ronin network, withdrawals for Wrapped Ether (WETH) on the Ethereum network, and WETH to ETH conversion functions after determining that the network is safe.
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