Based on a tweet posted on Ronin Community’s official Twitter deal with, the Ronin bridge has been exploited and 173,600 ETH and 25.5 million USDC cash value about $612 million had been stolen.
The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC.
The Ronin bridge and Katana Dex have been halted.
— Ronin (@Ronin_Network) March 29, 2022
Following the hack, Ronin bridge and Katana DEX have each been halted.
Ronin nonetheless mentioned within the Twitter thread relating the exploit that its staff is working with “legislation enforcement officers, forensic cryptographers, and our buyers to be sure that all funds are recovered or reimbursed.” It additionally mentioned that “the entire AXS, RON, and SLP on Ronin are protected.”
We’re working with legislation enforcement officers, forensic cryptographers, and our buyers to be sure that all funds are recovered or reimbursed. The entire AXS, RON, and SLP on Ronin are protected proper now.
— Ronin (@Ronin_Network) March 29, 2022
What we all know concerning the hack to this point
Based on an official communication of Ronin Community on Substack, the hacker managed to take over the management of 4 of Sky Mavi’s Ronin validators along with a third-party validator managed by the Axie DAO.
The Sky Mavi’s Ronin chain consists of 9 validator nodes and 5 out of the 9 are required to append their signatures for a deposit or withdrawal to be acknowledged. Though the validator key scheme is decentralized and constructed to restrict an assault vector just like the one which simply occurred, the hacker discovered a backdoor by the community’s gas-free RPC node and acquired the signature for the Axie DAO.
On the time of writing, the RON token, which is Ronin’s native governance token, had dropped by over 20% over the previous one hour.
