Biggest Decentralized Finance heist known

Ronin, an Ethereum-linked sidechain created by Axie Infinity creator Sky Mavis and Sky Mavis, has disclosed a major security flaw in a blog post posted recently. 
The project suffered losses of approximately six million dollars (173,600 Ethereum tokens and 25.5 million USDC tokens) due to Sky Mavis's Ronin validator nodes, along with Axie DAO validator nodes, were hacked and destroyed by a shady actor in the last week. 

It could be the biggest ever decentralized hack of finance surpassing the $611 Poly Network theft that happened in August.The Ronin hacker was able to fake transactions using the help of stolen private keys.

Although Poly Network managed to retrieve nearly all stolen funds, it remains to be ascertained what Ronin will deal with the historic hacking attack. The address of the hacker remains in charge of the vast majority of the stolen cryptocurrency.

The developers behind the Ronin network have already begun working with police officials as well as blockchain sleuths to trace the hacker responsible for what basics appears to be the biggest DeFi theft ever.

The value of the Ronin (RON) the governance token plummeted by nearly 30% because of the hack, according to data provided to CoinMarketCap. CoinMarketCap.

Ronin was introduced in February, in order to eliminate the high gas fees and facilitate transactions faster. In January, Sky Mavis' Sky Mavis team introduced the RON token.

According to the data supplied by the blockchain detective Elliptic, the person responsible for the massive Ronin bridge attack has already started laundering proceeds.

Get the whole story: https://nov.link/biggestdefihack
Trading training