Ronin Network
Contents
Ronin Network - REKT
Poly Network has been toppled from the top spot.
~$624M stolen from Ronin Network.
And nobody noticed for six days.
When they did eventually realise, the Ronin team announced that:
“We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge.”
Imagine how the Ronin team felt when they found out that the bridge had been drained nearly a week earlier.
The new biggest cryptocurrency hack ever.
But will the attacker be able to launder the loot?
With the rising popularity of Axie Infinity, Ronin was launched as an Ethereum side-chain in Feb 2021 to provide the fast, cheap transaction throughput necessary for a p2e game to function.
In order to maximise TPS, decentralisation and trustlessness were neglected in favour of a Proof of Authority model in which just nine validators put their reputation at stake, rather than processing any power or funds.
Of these nine validators, …
Poly Network has been toppled from the top spot.
~$624M stolen from Ronin Network.
And nobody noticed for six days.
When they did eventually realise, the Ronin team announced that:
“We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge.”
Imagine how the Ronin team felt when they found out that the bridge had been drained nearly a week earlier.
The new biggest cryptocurrency hack ever.
But will the attacker be able to launder the loot?
With the rising popularity of Axie Infinity, Ronin was launched as an Ethereum side-chain in Feb 2021 to provide the fast, cheap transaction throughput necessary for a p2e game to function.
In order to maximise TPS, decentralisation and trustlessness were neglected in favour of a Proof of Authority model in which just nine validators put their reputation at stake, rather than processing any power or funds.
Of these nine validators, …
IoC
098b716b8aaf21512996dc57eb0615e2383e2f96
3C5c2F4bCeC51a36494682f91Dbc6cA7c63B514C
3C5c2F4bCeC51a36494682f91Dbc6cA7c63B514C