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Breaking: Axie Infinity Ronin’s chain hacked for $600M value

On Tuesday, March 23 at 23:00 Philippines time, the Axie Infinity team shared through Discord and Ronin’s newsletter one of the toughest announcements that they have ever done. In this post, they alerted the community that a tragic event had occurred: Ronin Bridge and Katana Dex had been halted after being exploited for 173,600 Ethereum and 25.5M USDC, which according to the market prices on Tuesday represents a total value of almost 612 million dollars.

According to their announcement, the attacker was able to go through Axie’s Ronin chain controlling 4 or the 9 validator nodes that protect it, plus one additional third-party validator given to an Axie DAO.

Furthermore, one of the most threatening facts about this case is that the attack was made on March 23, but the Axie Infinity team didn’t notice it until one user experienced problems withdrawing 5000 ETH on the Ronin Bridge last March 23.

Ronin's newsletter announcement
Ronin’s newsletter announcement

Actions taken by Sky Mavis

After the attack was announced, Axie community throughout the world started shaking and the price of RON went down 20% in a few hours. If you don’t know what RON is, check out our last post: What is RON and how to farm it step by step.

To handle the situation, the Axie team has announced several actions as: increasing the validator threshold from five to nine, migrating their nodes, pausing the Ronin Bridge, and temporarily disabling the Katana Dex. Also, they are taking steps to ensure that no user lost their funds, as monitoring the stolen tokens and working with government agencies to solve this situation.

No one knows which will be the future of this issue and how the funds are going to be recovered or replaced, but the future of Axie Infinity heavily relies on it.

Written by

Nacho
Nacho
Part of the Tacter App team, Nacho is a passionate gamer with keen interest in the P2E and Blockchain ecosystem.