omdok
No Result
View All Result
Saturday, May 21, 2022
  • Login
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate
Subscribe
omdok
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
omdok
No Result
View All Result
Home Tech Cryptocurrency

Ronin network axie infinity hack, steal $615 million in crypto Ethereum blockchain

March 30, 2022
in Cryptocurrency
135 4
This picture was taken on November 29, 2021, and shows how Ethereum, which has its own cryptocurrency called ether, looks.

This picture was taken on November 29, 2021, and shows how Ethereum, which has its own cryptocurrency called ether, looks.

159
SHARES
2k
VIEWS
Share on FacebookShare on Twitter
An Axie Infinity network called the Ronin Network was hacked and $615 million worth of cryptocurrency was stolen.

People who broke into the Ronin Network, which is part of the Ethereum blockchain, stole more than $615 million in ether and US dollars worth.

Ronin Network developers found out about the hack on Tuesday morning, six days after the theft, when a single user said they couldn’t get their money out of the Ronin bridge.

During the attack, the stolen funds were worth $540 million. By Tuesday, they were worth $615 million, making it the second-largest theft in the crypto world.

A side chain of the Ethereum blockchain called the Ronin Network is used mostly to pay for the popular game, Axie Infinity, which has a low transaction fee for gamer.

According to a blog post from the Ronin network, the theft happened on March 23 when the attackers used private keys that had been hacked to “forge fake withdrawals” through a backdoor. They took 173,600 ether (ETH) and 25.5 million USD coins (USDC).

Blockchains use “validator nodes” to check, vote, and keep track of transactions. Ronin has nine different nodes that can be used to check things. To make a withdrawal or deposit, five of the nine nodes must sign off on it.

If true, attackers got a signature through an open loophole in the play-to-win game’s decentralized autonomous organization.

Ronin Network Hacked! 173,600 ETH Stolen!

This all goes back to November 2021, when [Axie creator] Sky Mavis asked the Axie DAO for help because there were so many users. The Axie DAO let Sky Mavis sign for it in a lot of different transactions. People who wrote the report said that this was stopped in December 2021, but they didn’t take away access to a “allowlist.”

Worked with law enforcement and the blockchain forensic firm, Chainalysis, to make sure the same thing doesn’t happen again.

As of right now, Ronin Network users can’t get their money out or put it in. Sky Mavis wants to make sure that all of the money that was stolen is returned or reimbursed, the blog’s authors said.

It has been found that the funds that were stolen were taken in two separate transactions. The money has been traced back to the hacker’s digital wallet He says some of it has been put into accounts on FTX, a crypto exchange.

FX CEO and founder Sam Bankman-Fried has said that his team is investigating.

Since the Ronin Network announced the theft, the value of its native cryptocurrency, Ronin (RON), has dropped by 11% on the day, Coinmarketcap says. This means that the value of RON has dropped from $2.30 to $1.80 per coin.

Chainalysis says that last year, attackers stole $3.2 billion worth of cryptocurrency from investors, which is how much money was stolen. It was a big hack before Ronin. The $325 million that was stolen from Wormhole, which lets people move money between the Ethereum and Solana blockchains, was because of a flaw.

One of the first people to work on the Wormhole bridge project, Jump Trading, paid back investors who had money taken from them.

Tags: Investment Loss
  • Trending
  • Comments
  • Latest
At Dubai International Airport in the United Arab Emirates, Emirates aircraft are parked.

Dubai Airports’ CEO blasts the UK’s travel ban as wrong and impractical

April 29, 2021
Trader on the floor of the New York Stock Exchange.

Stock markets will break free of their current stalemate and resume their rally

May 5, 2021
Janet Yellen, the US Treasury Secretary, warned of the “explosion of risk” associated with cryptocurrency.

Regulate cryptocurrency market being characterized explosion of risk

May 22, 2021
President Biden must maintain unity among his party's moderates and progressives, given their slender congressional majorities.

The Biden Tax Plan Relies on Banks to Assist in the Recovery of Unreported Income

April 29, 2021
President Biden must maintain unity among his party's moderates and progressives, given their slender congressional majorities.

The Biden Tax Plan Relies on Banks to Assist in the Recovery of Unreported Income

0
President Biden's American Families Plan is predicated on $700 billion in revenue generated, according to the administration, by a major expansion of the Internal Revenue Service.

Biden’s Obstacle: Advancing His Agenda in Congress as the Window Closes

0
On Wednesday, President Biden launched the $1.8 trillion American Families Plan during his inaugural speech to Congress.

The Economic Plan Proposed by President Biden Will Redistribute Trillions

0
President Joe Biden addressed a joint session of Congress on Wednesday, summarizing his first 100 days in office and outlining his development strategy.

In His Address to Congress, Biden Advances a Wide Economic Agenda

0
Tim Cook, Apple's CEO, has always believed that even when the economy is bad, Apple should keep investing in the future.

Wall Street is giving Big Tech a beating:Facebook, Apple, Amazon, Microsoft and Google

May 21, 2022
In 2001, Mr. Welch was at the G.E. office in New York. During his time at the company, he set the standard for how other CEOs should act.

Jack Welch leadership quotes, chief executive of General Electric wiki net worth

May 21, 2022
In Hong Kong, stocks of Chinese internet companies dragged down wider benchmarks.

Dow Jones stock markets futures now yesterday, S&P tgt wmt stock price

May 20, 2022
Last month, Do Kwon, one of the founders and the CEO of Terraform Labs, was at the company's offices in Seoul. Terraform Labs made the cryptocurrencies Luna and TerraUSD, which crashed last week in a spectacular way.

Do Kwon terra luna news stocktwits crypto price prediction 2023, wrapped token

May 19, 2022

Market News

In 2001, Mr. Welch was at the G.E. office in New York. During his time at the company, he set the standard for how other CEOs should act.
Business

Jack Welch leadership quotes, chief executive of General Electric wiki net worth

by adminmi
May 21, 2022
0

What Jack Welch's time at General Electric gave us The tweets of Elon Musk. The person who was once called...

Read more
In Hong Kong, stocks of Chinese internet companies dragged down wider benchmarks.

Dow Jones stock markets futures now yesterday, S&P tgt wmt stock price

May 20, 2022
Last month, Do Kwon, one of the founders and the CEO of Terraform Labs, was at the company's offices in Seoul. Terraform Labs made the cryptocurrencies Luna and TerraUSD, which crashed last week in a spectacular way.

Do Kwon terra luna news stocktwits crypto price prediction 2023, wrapped token

May 19, 2022
Amin H. Nasser, the CEO of Saudi Aramco, said that the company was making more oil and gas "to meet expected growth in demand."

Saudi Aramco nasdaq stock symbol, sabic tadawul earnings share price chart

May 16, 2022
A double exposure picture of the New York Stock Exchange on Wall Street.

Asian wba dow jones stock markets futures, now today and tomorrow

May 16, 2022
Tech

Wall Street is giving Big Tech a beating:Facebook, Apple, Amazon, Microsoft and Google

May 21, 2022

Categories

  • Business
  • Cryptocurrency
  • Economy
  • Gadget
  • Markets
  • Politics
  • Real Estate
  • Startup
  • Tech
  • Uncategorized
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
omdok

About the latest trends in the business world in-depth features on a variety of topics. Focus on the intersection between business and pop culture and between business and politics.

omdok.com © 2021 all rights reserved

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate

omdok.com © 2021 all rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version