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One of the biggest hacks in the cryptocurrency and blockchain tech space has recently been updated in terms of its wallet address transfer.
As per the data received recently from Etherscan, an address linked to the hack in the Ronin Network has transferred a significant amount of Ethereum, 5.505.7 ETH worth $11 million approx. These instances bring the total amount of Ethereum transferred funds to about 23,525 ETH, which totals for $48 million. The sum mentioned before was divided into approximately seven successive transactions over the period of last week.
Here, the vast majority of the funds related to the hacker of the Ronin bridge of the Ethereum network have been later transferred to Tornado Cash, a coin mixer based on the Ethereum network to whitewash stolen funds. As per the recent reports, the Ronin network solely focused on gaming which was created and designed specifically for popular play to earn model-based digital game Axie Infinity that suffered a hack of about $625 million in March month of this year.
Because of stealing this huge amount, the Ronin network hack became the biggest security breach in the history of cryptocurrency space and decentralized finance (DeFi). The hackers have stolen large quantities of Ethereum (ETH) and Circle’s stablecoin USDC tokens. Later it turned out that this huge and massive attack on the Ronin network was staged by one of the most notorious hacking groups in the world named Lazarus Group, that are controlled allegedly by the government of North Korea.
Creators of the Axie Infinity game company, Sky Mavis creators, have announced back then that they had managed to raise about $150 million to sort of bring some comfort and compensate victims of the hack made on the Ronin Bridge.
Perhaps the Ronin attack that happened in March month of this year could be one of the most brutal and significant attacks in the whole blockchain and crypto industry. This attack on the Ronin bridge made a huge loss of about $625 million, which was enough to shake anyone’s belief and trust in crypto and related innovations and make them skeptical.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
