According to the developers behind the Ronin sidechain of the popular gaming project, Axie Infinity has been hacked.
According to the blog post, the loss amounts to $625 million. The hacker made off with 173.6 thousand ETH and $25.5 million. According to specialists, this is the largest hack in the history of DeFi initiatives.
The cash was lost owing to a hacked Ronin Network validation node. Typically, transactions on the Ronin sidechain are accepted by at least 5 of the nine current validators.
The hacker acquired access to private keys through an RPC node and took monies from the blockchain in two transactions. Last Wednesday, March 23, 2022, this occurred.
You can observe that the funds were moved from Binance to a new ETH address by looking at the transaction on Etherscan. The majority of the assets are still there, but 6.25 thousand have been moved to other locations.
Axie Infinity currently owns the dubious reputation of being the largest DeFi hack in the history of cryptocurrency. While investigations are underway, the Ronin Bridge and the Katana decentralized exchange have been shut down.
The previous record, stolen in August 2021, belonged to the Poly Network project. The hacker then made off with $611 million. The hacker then returned almost all of the funds, as reported.