With Axie Infinity being a big hit, Sky Mavis’ Ronin bridge exploited and hacked for 173,600 ETH and 25.5M USDC which is about USD 625 million.
The hackers were able to breach the Ronin Network with the use of hacked private keys to create fake withdrawals. The violation was discovered after a user reported being unable to withdraw 5,000 ETH from the bridge.
Sky Mavis has recently taken action by addressing the incident once it was discovered and has taken active steps to prevent future attacks. Initial steps taken were to increase validator thresholds from five to eight. They’ve since gotten in touch with security teams at major exchanges and are in the process of migrating nodes that are completely separated from their old infrastructure.
Additionally, Sky Mavis has temporarily paused the Ronin Bridge to ensure the complete cease of attacks. Binance has since disabled its connection to and from Ronin as a precautionary measure. Once the threat has been halted, the bridge will be reopened. Katana DEX has also been disabled. In order to monitor the stolen funds, Sky Mavis is working closely with Chanalysis.
As for the next steps, Sky Mavis ensures users that they are working closely with government agencies to apprehend the hackers.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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