Ronin Network Shaken by $9M ETH Theft From Founder’s Wallet: Details

• Axie Infinity co-founder’s personal wallets hacked, $9.5M Ethereum stolen.
• Funds are routed through Tornado Cash for anonymity, hindering traceability efforts.

Jeff  Zirlin, co-founder of Axie Infinity’s Ronin Network, disclosed that his personal wallets on the Ronin chain fell victim to a hack, resulting in the loss of approximately $9.5 million worth of Ethereum. The compromised funds were swiftly transferred to Tornado Cash, an anonymizing service, making it challenging to trace their destination.

Adding on to it, Lookonchain, a reputable data aggregator, revealed that the hacker targeted two wallets, amassing assets valued at $10.46 million, which included RON, WETH, PIXEL, SLP, USDC, and AXS tokens.

Zirlin took to Twitter to confirm the breach, emphasizing that it solely affected his personal accounts and had no bearing on the Ronin chain’s operations or validation. He reassured stakeholders of the stringent security protocols in place for all chain-related activities. Despite the setback, Zirlin conveyed gratitude for the support received and assured the community of his safety.

‘An occurrence Not Uncommon” – Larsen

Aleksander “Psycheout” Larsen, another co-founder of Sky Mavis, reiterated Zirlin’s statements, affirming that the attack did not compromise the Ronin Network’s security or its Ethereum bridge. Larsen clarified that the breach stemmed from a compromised wallet, an occurrence not uncommon across blockchain networks. He underscored the robust security measures in place, including regular audits and withdrawal halts during suspicious activities.

Two years ago, a similar incident occurred when Ronin’s Ethereum bridge suffered exploitation. It resulted in the loss of $622 million worth of cryptocurrency. The attack attributed to the Lazarus Group, a notorious North Korean hacking collective.

Concluding, efforts to mitigate the fallout from the recent breach are underway. It is with stakeholders reaffirming their commitment to enhancing security measures. And safeguarding user assets on the Ronin Network.