The Ethereum side chain Ronin, on which the play-to-win blockchain game Axie Infinity runs, lost over $600M due to the exploitation of one of its validators, making one of the biggest hacks in crypto history. Following the incident, Binance confirmed that as part of its support for the Ronin breach investigation, Axie Infinity’s crypto deposits and withdrawals on the Ronin network have been halted since Tuesday.
Binance suspends Ronin transactions
Ronin (RON) on Tuesday revealed that an attacker “used hacked private keys to withdraw counterfeit money” from the Ronin bridge in two transactions, losing 173,600 Ethereum (ETH) and It announced it has pegged at $25.5 million USDC, or more than $625 million at current values. Because it supports the Axie Infinity team in 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 monitoring team that monitors for unusual transactions. Additionally, Binance has paused the withdrawal of Wrapped Ether (WETH) and the WETH to ETH conversion function on the Ethereum network. As quoted by Kriptokoin.com, the price of Ronin (RON) has lost more than 20% in a short time.
According to the statement made by Binance, “After the security breach that occurred on the Ronin (RON) network, the Binance research team followed the Axie Infinity team to detect the hacker by following the network bridge-related processes. supports”. The hackers’ sending thousands of ETH to various exchanges including Huobi, FTX and Crypto.com immediately after the attack was described as a possible misstep by experts. Since these platforms have know-your-customer (KYC) verification systems, these deposits can be used to discover the identity of the hacker and ultimately force them to return the money.
As a result, Binance has suspended all deposits and withdrawals on the Ronin (RON) network as of March 29, while supporting the Axie Infinity team and law enforcement in their investigation of this issue. Potential hacker addresses were also blocked, and a special monitoring team was set up to monitor any unusual transactions.
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