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Sky Mavis’ Ronin Network Bridge Hacked for Over $625M

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Today’s Cryptocurrency Headline

There has been a breach on Sky Mavis’ Ronin network. A document was issued, saying that the validator node was compromised,  with 173,600 ETH and 25.5 million USDC stolen. Ronin Bridge and Katana DEX are currently suspended. As of now, ETH and USDC deposits on Ronin have been drained from bridge contracts. But all AXS, RON and SLP on Ronin are currently safe. Users cannot withdraw or deposit funds to the Ronin Network. Sky Mavis is committed to ensuring that all depleted funds are recovered or repaid. Sky Mavis’ Ronin network currently consists of nine validator nodes, and identifying a deposit event or withdrawal event requires five of the nine validator signatures. The attackers managed to gain control of four of Sky Mavis’ Ronin validators and a third-party validator run by Axie DAO.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to Bloomberg, Terraform Labs CEO Do Kwon confirmed that he had purchased more than $1 billion in Bitcoin since the end of January. The corresponding address of Luna Foundation Guard (LFG) (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) has about 27785 BTC. Bitcoin was trading around $47,300 at press time and is roughly flat over the past 24 hours. The largest cryptocurrency is currently testing resistance at the 200-day moving average (MA) amid $48K, which is a significant trend indicator. If the price breaks above it, the trend would be considered bullish again. Conversely, a pullback may occur if the price is unable to break the 200-day MA, and lower support at around $45,000 could stabilise pullbacks.


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