The hack took place a week ago but it became known just yesterday - what do we know about the largest crypto exploit so far?
The hack took place a week ago but it became known just yesterday – what do we know about the largest crypto exploit so far?
Ronin Network, a critical bridge chain that powers Axie Infinity, was attacked, and this resulted in in a loss of 173,600 Ethereum and 25.5M USDC, equivalent to over $600M. Since the breach occurred on March 23rd, the stolen funds have flowed into FTX, Huobi, and CryptoCom, which have all vowed to take actions to trace the funds.Sky Mavis, the company behind Axie Infinity, said it would compensate online participants who lost funds during the attack against Ronin’s systems.
Later, the attacker transferred the funds to multiple unknown wallets. They used those to send 1,220 ETH to an account on FTX, 3,750 ETH to three Huobi addresses, and 1 ETH to a CryptoCom wallet. However, most of the funds are still remaining at the hacker’s main address.