Ronin Network is a network sidechain that was built specifically for Blockchain applications. It was established to facilitate Ethereum and digital chain exchanges.
Ronin, one of the most popular blockchain gaming businesses, has been hacked. Digital miscreants struck the crypto-dependent platform in a period spanning several months from the winter of 2021 through the spring of 2022. Here's a closer look at the details of the attack.
Ronin was likely targeted as its Axie Infinity game soared in popularity. The game provides players with an opportunity to earn cryptocurrency through gameplay. The downside to the company’s financial success is the fact that it shifted the spotlight directly onto the platform.
Hackers maneuvered their way into the platform and stole $600 million of crypto. Ronin responded to the attack by contacting the authorities. The hackers shifted the assets from the Ronin platform to renTC with Unisawap or 1inch. The miscreants employed a network bridge, Ren Protocol, and multiple cryptocurrency exchanges to pull off the heist. Hackers transferred some of the stolen digital currency to Huobi and FTX.
This breach occurred from November 2021 through March 2022.
The breach impacts Ronin as a business as well as its customers. Ronin customers' cryptocurrency was stolen after months of work on the platform, building up digital currency reserves through gameplay that equates to new-age labor.
Ronin did not provide the exact number of digital wallets accessed in the attack. However, the company admitted that the stolen cryptocurrency amounts to more than $600 million. Read more about this breach at DeFi Platform Hacks Result in More Than $1 Billion in Losses.