Community Alert: Ronin Validators Compromised
There has been a security breach on the Ronin Network. On March 23rd, Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC being drained from the Ronin bridge in two transactions (1 and 2). The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge.
Sky Mavis is here for the long term and will continue to build.
Key Points
• The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC.
• The Ronin bridge and Katana Dex have been halted until we are sure that the network is safe to resume activity.
• We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.
https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w This is the announcement from Skymavis from a recent $500+ million hack in ronin sidechain that made headlines recently.
This is why POW is superior than POS. This shows POS blockchains has dangerous flaw, the validators are vulnerable to attacks like this. This is impossible to happen in POW blockchains.