The Truth Behind the Ronin Bridge Attack Rumors
The crypto community was abuzz today with news of a potential attack on the Ronin sidechain developed by Sky Mavis. But what's the real story behind it?
On the morning of February 23 (Vietnam time), web3 security firm Ancilia unexpectedly discovered a series of suspicious withdrawal transactions, fueling speculation that the Ronin Network's bridge might be under attack.
As of now, over 3,248 ETH (worth $9.7 million USD) has been withdrawn from Ronin and transferred to three different wallets, subsequently moving to the Tornado Cash privacy platform. The most recent transaction occurred approximately 50 minutes ago.
After causing considerable alarm for nearly an hour, the co-founder of Axie Infinity and Ronin stepped forward to dispel the rumors. He affirmed that the Ronin bridge itself had not been compromised. The issue at hand appeared to stem from the compromise of other wallets, possibly due to private key theft.
Another Axie co-founder, Jihoz, admitted that his personal wallet had been hacked but stressed that this was an isolated incident and did not affect Ronin's validation or operations.
The bridge has no issue and Ronin is not compromised.
— Psycheout.ron (@Psycheout86) February 23, 2024
Extremely misleading title.
A wallet has clearly been compromised like what happens on every chain, and the funds are being tornado cashed.
The bridge itself has top security, been through many audits and goes on pause when…
"This has been a tough morning for me. Two of my addresses have been compromised," Jihoz tweeted.
Despite initial concerns, RON prices experienced an erratic 8% drop to nearly $2.8 USD before rebounding to the current level of $3 USD.
The bridge has no issue and Ronin is not compromised.
— Psycheout.ron (@Psycheout86) February 23, 2024
Extremely misleading title.
A wallet has clearly been compromised like what happens on every chain, and the funds are being tornado cashed.
The bridge itself has top security, been through many audits and goes on pause when…
In reality, Ronin had previously suffered a $622 million USD attack in March 2022, one of the largest crypto hacks in history. Axie Infinity had since mobilized funding to compensate for losses and address the aftermath.
This has been a tough morning for me.
— Jihoz.ron 🍚 (@Jihoz_Axie) February 23, 2024
Two of my addresses have been compromised.
The attack is limited to my personal accounts, and has nothing to do with validation or operations of the Ronin chain.
Additionally, the leaked keys have nothing to do with Sky Mavis operations.…
Sky Mavis has slowly rebuilt its reputation with significant integrations in recent times, such as listing Axie Infinity on the App Store, launching the NFT marketplace Mavis Market, introducing RON staking portals, and collaborating with Grab Philippines to reward users. Additionally, RON tokens were listed on Binance.
Despite periodic security challenges, Sky Mavis continues to bolster its infrastructure and remains committed to safeguarding user assets on the Ronin Network.
