Ronin Network Exploited for Over $120M, Ronin Claims Talks with Attackers
CryptoNewsTerminal Staff06 Aug, 2024
Ronin Network Exploited for Over $120M, Ronin Claims Talks with Attackers
Ronin Network, a popular Ethereum sidechain for play-to-earn games, has revealed a security breach on its Ronin Bridge, resulting in the loss of over $120 million in cryptocurrency. The attack saw the attacker(s) make away with 173,600 ETH and 25.5 million USDC in a single transaction. The stolen funds were transferred to a single address, and the attacker is yet to be identified. The Ronin Network team is working with law enforcement and blockchain security firms to investigate the attack and recover the stolen funds. The attack on Ronin Network is one of the largest cryptocurrency heists in history, and it highlights the ongoing security risks associated with decentralized finance (DeFi) platforms. As DeFi platforms become more popular, attackers are increasingly targeting them, and it is important for users to be aware of the risks involved.
