Largest Crypto Defi heist known

Ronin, an Ethereum-linked sidechain developed by Axie Infinity creator Sky Mavis The company has acknowledged a significant security flaw in a blog post posted recently. 
The project lost approximately $625 million (173,600 Ethereum tokens and 25.5 million USDC tokens) after Sky Mavis's Ronin validator nodes, as well as the Axie DAO validater nodes were hacked and depleted by a malicious actor last week. 

It could be the biggest decentralized financial hack in the history of finance, topping the $611 Poly Network theft that happened last August.The Ronin hacker was able to make fake transactions with the aid of compromised private keys.

Although Poly Network managed to retrieve virtually all of the stolen funds It remains to be to be seen how Ronin will respond to the historic hacking attack. The address that was associated with the hacker remains in charge for the vast majority the stolen crypto.

The developers of the Ronin network have already begun working with law enforcement officials as well with blockchain sleuths in order to find the hacker who is behind what appears to be the largest DeFi heist to date.

The value of Ronin (RON) governance token Ronin (RON) governance token has crashed nearly 30% because of the hack according to information provided by CoinMarketCap.

Ronin was launched in February to help reduce the cost of gas fees and enable transactions to be much more swift. In January Sky Mavis' Sky Mavis team introduced the RON token.

According on Yahoo to data provided by the blockchain-based sleuth Elliptic, the hacker behind the catastrophic Ronin bridge hack has already begun laundering the money.

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