Report on the Ronin Network Exploit and AML Analysis of Stolen Funds
Contents
Report on the Ronin Network Exploit and AML Analysis of Stolen Funds
We recently released the “2022 Mid-Year Blockchain Security and AML Analysis Report”. We’ll be breaking down this report into four section for the convenience of our readers.
This last article focues on the Ronin Network Exploit and AML Analysis of Stolen Funds.
Event background
The Axie Infinity sidechain, Ronin Network, issued a community warning on March 29th regarding a security breach. A total of 173,600 ETH and 25.5 million USDC were stolen, totaling a $610 million loss. The attacker used compromised private keys to establish withdrawals and siphon funds from the Ronin bridge in just two transactions. Notably, the hack occurred on March 23, but officials allegedly discovered it after users reported that they were unable to withdraw 5,000 in ETH from the bridge. This incident’s loss is even greater than last year’s PolyNetwork hack, which lost over $600 million.
The story begins …
We recently released the “2022 Mid-Year Blockchain Security and AML Analysis Report”. We’ll be breaking down this report into four section for the convenience of our readers.
This last article focues on the Ronin Network Exploit and AML Analysis of Stolen Funds.
Event background
The Axie Infinity sidechain, Ronin Network, issued a community warning on March 29th regarding a security breach. A total of 173,600 ETH and 25.5 million USDC were stolen, totaling a $610 million loss. The attacker used compromised private keys to establish withdrawals and siphon funds from the Ronin bridge in just two transactions. Notably, the hack occurred on March 23, but officials allegedly discovered it after users reported that they were unable to withdraw 5,000 in ETH from the bridge. This incident’s loss is even greater than last year’s PolyNetwork hack, which lost over $600 million.
The story begins …