Largest Exploit in Defi History
Gaming Focused Ronin Network announced Tuesday a loss of Over $625 Million in USDC and Ether (ETH). According to report, the exploit affected Ronin Network validator nodes for Sky Mavis, the publishers of the popular Axie Infinity game, and the Axie decentralized autonomous organization (DAO).
An attacker “used hacked private keys in order to forge fake withdrawals” from the Ronin bridge across two transactions, as seen on Etherscan.
as per the reports pegged the losses at 173,600 ether and 25.5 Million in USDC , currently worth in excess of $625 Million.
The price of RON, the native token of the Ronin network, is down 27% on the news, according to market report.