Ronin Network, a network that supports play to earn (P2E) concept games, Axie Infinity was slapped with bad news after facing losses reaching a large amount of USDC and ether (ETH) worth $ 625 million.
It is understood a total of 173,600 ETH and 25.5 million USDC were lost due to hackers who falsified the production on 23 March.
But the effects of the hacking were realized when one of the users failed to issue 5,000 ETHs on March 29th.
Based on Ronin Network’s official partnership, the exploit affected the network node’s authenticators, causing the operation of Ronin Bridge and Katana DEX to be temporarily suspended.
For information, Ronin has 9 authentication nodes and 5 of them are required for deposit or withdrawal activities.
But the hacker managed to control four Ronin authenticators and one external authenticator powered by Axie DAO.
Records from Etherscan reveal a total of 6,250 ETHs ($ 20,988,586) have been removed from hackers ’wallets and the rest remain.
While a total of USDC worth $ 25.5 million was transferred to several wallets and DeFi protocols.
Native token reactions of Axie Infinity (AXS) and Ronin Network (RON)
On March 23, the AXS posted a price increase of over 47%, from a daily low of $ 50.81 to $ 74.76 on March 25.
The situation was worse for RON as its price dropped sharply on March 29th.
Based on its price chart, RON traded at $ 2.43 on March 28 before declining almost 35% the next day to $ 1.58.
At the time of writing, these two assets were trading lower in 24 hours with AXS worth $ 63.02 per unit (-6.63%) and RON worth $ 1.81 (-19.31%).
Apparently, this incident became the biggest hacking in the history of crypto after the Crypto Heist on Poly Network that took place in August 2021.
