The attack took place on March 23. As Ronin Network explains, the hackers performed a very complicated operation that allowed them to make false withdrawals. 173,600 Ethereum and $ 25.5 million USDC were stolen. On the day of the break-in, they were worth $ 530 million, and today their value has increased to $ 615 million, he says.
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Cryptocurrencies. Hacking attack on a digital wallet
consists of nine validation nodes. Five of the signatures are required to make transactions. The attacker managed to take control of Sky Mavis’ four Ronin validators and a third-party validator operated by Axie DAO.
The validator key schema is structured to be decentralized which limits the attack vector, similar to what happened in this case, but the attacker found a backdoor through our RPC node which he used to obtain the signature of the Axie DAO validator, informs the network.
The case starts in the past. In November 2019, Sky Mavis asked Axie DAO to help distribute free transactions due to the huge user load. Axie DAO has authorized Sky Mavis to sign various transactions on its behalf. It was discontinued in December 2021, but access to the list was never revoked.
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Ronin Network. What will they do after the hackers attack?
“After accessing Sky Mavis systems, the attackers were able to obtain a signature from the Axie DAO validator using RPC. We confirmed that the signatures in the malicious payouts match five suspicious validators,” the network informs.
Ronin Network reacted immediately. Validator validity threshold increased from five to eight. Additionally, the nodes will be separated from the rest of the network infrastructure. The Katana DEX was also temporarily disabled due to its inability to arbitrate and to contribute more funds to the Ronin Network.
The network said it is already working with various government agencies to bring criminals to justice and has started steps to recover lost money. According to the blockchain analysis company Elliptic, it was the second largest theft in history.
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Source: Gazeta
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