A crypto hacker has targeted the Axie Infinity Ronin Network & made-away with $625 million in Ether & USDC stablecoin.
The Ronin Network released a blog post on Tuesday, explaining how its network was exploited for 173,600 ethers & 25.5 million USDC, and that affects the nodes of the Ronin Network Validator for Sky Mavis.
He claimed to have stopped transactions on its Ronin Bridge & Katana Dex servers.
“We are working with law enforcement officials, forensic cryptographers, and our investors to ensure all funds are recovered or refunded,” the Ronin Network wrote. “The attacker used hacked private keys to spoof payouts.
The blog post noted that the attacker entered through a “back door” of one of Ronin’s nodes and that Etherscan logs show the attack took place last Wednesday.
Most of the stolen funds remain in the attacker’s address, but around 6,250 ether were transferred to a slate of other addresses.
Last August, hackers stole more than $600 million from the cross chain protocol, Poly Network, although most of the stolen funds were eventually returned.
The Ronin Network’s native token, RON, is down more than 22% on the news.
