On Thursday, Ronin gaming platform wallets were compromised, resulting in the theft of approximately $9.5 million worth of Ethereum. The perpetrators utilized Tornado Cash service to launder the stolen funds, mixing transactions from multiple users to obscure the cryptocurrency's origin. Among the affected individuals is one of the founders of Ronin and Axie Infinity, who disclosed the incident on Twitter.
Theft Details: 3,250 ETH Moved by Unknown Perpetrators
A precise sum of 3,250 ETH was siphoned from gaming wallets on the Ronin network, amounting to $9.5 million. The attackers subsequently transferred these funds to three distinct Ethereum wallets via a network bridge. The ETH was then laundered through the Tornado Cash service, complicating its traceability.
Personal Accounts of Jeff 'Jiho' Zirlin Compromised
Jeff "Jiho" Zirlin, co-founder of Ronin and Axie Infinity, announced on Thursday evening that his personal wallets had been compromised in the attack. He stated that the attack solely targeted his personal accounts and did not impact the security or operations of the Ronin network or the activities of Sky Mavis, the company behind it.
Security of Ronin and Sky Mavis Unaffected
In response to the incident, Aleksander "Psycheout" Larsen, another founder of Sky Mavis, emphasized that the attack has no bearing on the security measures of the Ronin network bridge or the company's financial assets. Larsen highlighted that the bridge itself has undergone several security audits and is equipped with mechanisms to prevent excessive fund withdrawals.
Impact on Ronin's Market Value
As a consequence of the attack and fund depletion, the value of Ronin cryptocurrency (RON) experienced a decline, with its price plummeting from approximately $3.17 to $2.74, marking a decrease of over 13% within minutes. At the time of writing, the price partially recovered to $2.97.
Historical Context: Ronin Bridge Attack
The incident occurs two years after the attack on the Ethereum Ronin bridge, during which cryptocurrency worth $622 million was stolen. The attack was attributed to the Lazarus hacking group from North Korea, exploiting the insufficient decentralization at that time. Subsequently, a portion of the stolen funds was recovered, and Sky Mavis reimbursed users for all losses from the February 2022 attack.
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