$600 Million in Cryptocurrencies Stolen from Ronin Bridges Blockchain

A group of hackers has captured about $600 million worth of cryptocurrencies from the Ronin Bridge blockchain, the blockchain network that provides the online gaming service “Axie Infinity.”

Ronin Bridge revealed that hackers attacked the computers of Sky Mavis, the creators of Axie Infinity, and the computers of Axie DAO, which supports Bridge, the software that allows cryptocurrencies to be converted into other currencies used on other networks.

In the attack, which took place on March 23, the hackers managed to steal 173,600 Ether from Ronin Bridge and 25.5 million USDC from two accounts. However, the attack was discovered only on Tuesday (March 29).

Bloomberg News reports that this attack is the latest in a series of incidents that show that bridges are vulnerable to weaknesses. In addition, a large amount of unmodified computer access code can become a weak point that hackers can exploit.

According to CoinMarketCap, the price of Ron, a token based on the Ronin blockchain, dropped 22% after the attacks were discovered. Meanwhile, the price of AXS, the token used in the Axie Infinity game, dropped by 8.5%.

Ronin Bridge has announced via its blog that the company is working with major crypto exchange operators such as Chainalysis. The company is considered a detective in the blockchain industry to track crypto criminality. Ronin also coordinates with law enforcement agencies.

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