Discussion

• @ronin_network @ronin_network on x

  There has been a security breach on the Ronin Network. https://roninblockchain.substack.com/ ...

• @ronin_network @ronin_network on x

  The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC. The Ronin bridge and Katana Dex have been halted.

• @ronin_network @ronin_network on x

  We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.

• @axieinfinity @axieinfinity on x

  Important announcement regarding a security breach on the Ronin Network. https://twitter.com/...

• @edzitron Ed Zitron on x

  Today's Substack is about the $600m Axie Infinity cryptocurrency hack which has left millions of people with potentially worthless investments - and how it's finally time for us to stop humoring cryptocurrency and treat it as a threat to society. https://ez.substack.com/...

• @web3isgreat @web3isgreat on x

  One thing that must be emphasized: the Axie Infinity hack occurred on March 23. Sky Mavis became aware of it this morning, March 29, after a report from a user having trouble withdrawing funds. The equivalent of $625MM was missing for SIX DAYS before they realized it.

• @cz_binance @cz_binance on x

  Our team is in touch with AxieInfinity team providing assistance in tracking this issue. https://twitter.com/...

• @coindesk @coindesk on x

  BREAKING: In what may be the largest exploit in DeFi history, an attacker has made off with $625 million from Axie Infinity's Ronin network. @Blockanalia reports https://www.coindesk.com/...

• @sbf_ftx @sbf_ftx on x

  @FrankResearcher @FTX_Official (I acknowledge this post; we are investigating and taking action if/where appropriate.)

• @wublockchain @wublockchain on x

  Today, the 3ac address (0x4862733B5FdDFd35f35ea8CCf08F5045e573 88B3) withdraws about 71,000 ETH from Bitfinex, FTX and Binance, and transfers to the associated address to add ETH to Curve's ETH/stETH fund pool, a total of 52,420 ETH has been deposited today. https://twitter.com/.…

• @josephfcox Joseph Cox on x

  New: hackers have stolen an incredible $600 million from Axie Infinity's Ronin Network. Axie Infinity is a play-to-earn game that people play to try and generate cryptocurrency, it was supposed to be the game that could prove this was all possible https://www.vice.com/...

• @jrhennessy James Hennessy on x

  I simply love playing to earn. It's the future of the economy https://twitter.com/...

• @web3isgreat @web3isgreat on x

  Spoiler alert: it wasn't “working” even before $625M went poof

• @smooch_axie @smooch_axie on x

  Every great nation faces challenges. The greatest nations come together to grow and rebuild. The support, unity, and resilience that the people of Axie have shown each other today will be a part of our nation's foundation for decades to come.

• @epsilontheory Ben Hunt on x

  The problem with DeFi isn't that it's “early”. The problem is that decentralization does not allow centralized enforcement of property rights, only mutualized enforcement of property rights, and that's a thin reed for anything other than play money transactions.

• @benedictevans Benedict Evans on x

  The great thing about crypto is that the creators aren't reliant on contracts or goodwill to get rewarded. The system allocates them the money mechanistically, based on transparent, pre-written rules, and no CEO can make arbitrary decisions to stop that. https://www.coindesk.com/…

• @zrachess @zrachess on x

  We need a better post mortem than this. I want to know how the 4 SM validators were compromised in the first place! I also want to know what the fuck the IT security team was doing for the last fuckin 6 days ffs... https://twitter.com/...

• @the_postman_ @the_postman_ on x

  wilder still is that the March 23 hack apparently kicked off a pretty good week for Axie (prior to an hour ago) https://twitter.com/... https://twitter.com/...

• @cobie @cobie on x

  I noticed that Axie bridge was exploited for $600m 6 days ago, so I shorted AXS with high leverage I was early. I executed quickly, like the expert traders taught me Within 24 hours I was liquidated because nobody else noticed the hack for 6 days and the price pumped instead 🙌

• @lawmaster Larry Cermak on x

  This is the most insane SC hack I have seen yet: • Took 6 days to notice that more than half a billion was missing • The hacker deposited some funds to FTX and Crypto com (either doxx'd or bought KYC'd account) • solution - instead of 5/9 multisig, we do 8/9 https://twitter.com/.…

• @jihoz_axie @jihoz_axie on x

  This is when we show what we're made of. Chaos is a ladder.

• @kelvinfichter @kelvinfichter on x

  Welp. @Ronin_Network is now on top of the crypto hack leaderboard. $625 MILLION dollars worth of ETH and USDC just got stolen from the Ronin bridge. Here's how it happened.

• @frankresearcher Igor Igamberdiev on x

  Imagine stealing 600 million 6 days ago and depositing money on @FTX_Official https://twitter.com/... https://twitter.com/...

• @adamscochran Adam Cochran on x

  3/6 And to raise enough to cover this from equity, would probably mean selling 20%-30% of Sky Maven (assuming discount on last $3B valuation, as this capital is used for recovery and not growth, so would be a down round)

• @johnreedstark John Reed Stark on x

  Web3 is a marketplace of thieves robbing thieves amid an unsurveilled & counterfeit financial free-for-all. And its post-apocalyptic Walking Dead-like lawlessness, chaos & disorder (except without zombies) provides the ideal playground for cyber-attackers. https://www.theverge.co…

• @carnage4life @carnage4life on x

  Every crypto hack post-mortem is basically people you wouldn't trust to competently build a message board were trusted to manage hundreds of millions of dollars and their poorly designed security system failed. https://roninblockchain.substack.com/ ...

• @j0hnnyxm4s @j0hnnyxm4s on x

  Your daily reminder that multiple layers of these blockchains and their associated bridges have never had a proper security audit performed, and that a lack of insurance means the exchanges will be all 🤷‍♀️ when your wallets go AWOL. https://twitter.com/...

• @dclblogger Matty on x

  Whoa! Ronin Network, (Axie Infinity L2),hacked and $600M+ worth of ETH and USDC stolen. Possibly biggest hack in crypto history. Check your Axie Infinity assets asap. Wishing the team well, hope they can recover these, ($ were sent to FTX). https://twitter.com/...

• @epsilontheory Ben Hunt on x

  This is why DeFi not gonna make it. Sorry. https://twitter.com/...

• @nischalshetty @nischalshetty on x

  $600M Am I reading this right? Sky Mavis (Axie Infinity) was controlling 4 nodes and multi sig needed 5 nodes 5th node had whitelisted approval which means Sky Mavis was always in control of all user funds? Is that correct? https://twitter.com/...

• @ibogost Ian Bogost on x

  This makes me think about bearer bonds, a financial instrument that's basically gone extinct because they were mostly good for money laundering and tax evasion, but which figure prominently in heist movies for premise-and-plot reasons. https://www.vice.com/...

• @mitsuhiko @mitsuhiko on x

  Amazing. One of the nonsensical blockchain things at GDC just got hacked to the tune of 625M USD. https://roninblockchain.substack.com/ ...

• @ryanlcooper Ryan Cooper on x

  play to earn (ie, make a video game into an incredibly shitty job) is going great https://www.vice.com/...

• @malwarejake Jake Williams on x

  Nothing to see here, just another cross-chain logic error resulting in the loss of $625m... https://www.coindesk.com/...

• @mkapor Mitch Kapor on x

  We need the crypto true believers to step up with credible plans to prevent things like this or it will take down the whole sector. https://www.coindesk.com/...

• @munecatmusic @munecatmusic on x

  Kids “Axie-ing” their way out of poverty seem far, FAR less heartwarming now https://twitter.com/...

• @ben_mckenzie Ben McKenzie on x

  No one could have seen this coming. https://twitter.com/...

• @villi @villi on x

  That is one way to get around sanctions. https://twitter.com/...

• @simonyusea Simon Yu on x

  Only a few years ago even a $30m exchange hack would nuke the markets -10%. Markets are barely fazed right now and crypto is evolving 👏 https://twitter.com/...

• @thedextriarchy Adi Robertson on x

  One of the endgames I've seen for Sky Mavis is “sure Axie Infinity isn't great, but the studio could just focus on the Ronin blockchain,” and losing half a billion dollars to a security breach is not an amazing omen there! https://www.theverge.com/...

• @rleshner Robert Leshner on x

  This is a major disappointment; hopefully the users of this bridge are able to recover their funds quickly. This is also an indictment against the security architecture of multi-sig bridges—again. https://twitter.com/...

• @kyle_chasse @kyle_chasse on x

  I've said it countless times in my YouTube videos. Bridges are the most vulnerable targets in #crypto You need native cross chain communication at base layer. Wait till you see what we are building!! @paid_network @master_ventures https://twitter.com/...

• @fredbenenson @fredbenenson on x

  crypto is more secure, they said you don't have to trust anyone, they said https://www.vice.com/...

• @mikeisaac @mikeisaac on x

  the persistent question “can you point me to people doing actually interesting things with web3/ethereum” usually has enthusiasts point to games like this (Axie is one of the most prominent ones) https://twitter.com/...

• @iboudreau Ian Boudreau on x

  This is the game web3 evangelists would point to to say, “look, people in the ‘third world’ are making a living with play-to-earn!” RIP https://twitter.com/...

• @carnage4life @carnage4life on x

  Axie Infinity's network was just hacked for $625M. Every month, there is a larger hack of some crypto network and yet we're all supposed to have faith that this is the future of the finance. It's the Gell-Mann Amnesia effect of financial systems. https://www.coindesk.com/...

• @matthew_d_green Matthew Green on x

  $625m worth of ETH compromised from another bridge, must be Tuesday. https://roninblockchain.substack.com/ ...

• @frankresearcher Igor Igamberdiev on x

  And @cryptocom https://twitter.com/...

• @danlesac @danlesac on x

  This network only came into existence to make the biggest “pay-to-earn” game more secure. It did not go well imo. Wonder if the folks who wrote breathy thinkpieces about the game “changing lives in developing countries” are gonna follow up on this? 🤔 https://twitter.com/...

• @bigblackjacobin Edward Ongweso Jr on x

  One of the biggest hacks in crypto just happened today. A blockchain created to support a crypto play-to-earn game had $600 million worth of crypto stolen from it https://www.vice.com/...

• @adamsinger Adam Singer on x

  The fun part about “crypto” and why no one should ever really feel bad for “losers” is everyone knows it's a grift, from the people funding ideas to the players in the game. I actually respect the transparency. No one involved is *that* dumb not to know.

• @musalbas Mustafa Al-Bassam on x

  $600M hacked due to 5 of 9 signers in a committee-based bridge being compromised. This is why trust-minimized bridges and rollups are important! https://twitter.com/... https://twitter.com/...

• @iansherr Ian Sherr on x

  “Were lost” https://twitter.com/... https://twitter.com/...

• @bcrypt Yan on x

  “We are working directly with various government agencies to ensure the criminals get brought to justice.” code is law, except when it's not 😆 https://twitter.com/...

• @krugermacro Alex Krüger on x

  Axie Infinity's Ronin bridge lost about $600 million as five validator private keys got compromised. Ronin is a custodial sidechain bridge governed by a multisig wallet used by Axie to communicate with Ethereum. The multisig requires 5 private keys to sign/execute transactions. h…

• @discoverxnft @discoverxnft on x

  A look at the Ronin bridge security https://twitter.com/...

• @dogetoshi Steven on x

  Ronin's multisig holders. https://twitter.com/...

• @zackwhittaker Zack Whittaker on x

  “An attacker ‘used hacked private keys in order to forge fake withdrawals’ from the Ronin bridge across two transactions.” For all the promise that web3 might have, it still suffers from Web 2.0 problems. https://www.coindesk.com/...

• @mattbinder Matt Binder on x

  Axie Infinity is the perfect encapsulation of the future crypto wants: a crypto game so expensive to play, predatory lenders offer “scholarships” to those who can't afford it that requires they hand over a large percentage of their in-game earnings https://twitter.com/...

• @silvermanjacob Jacob Silverman on x

  Oops someone stole $600m+ and it took us 6 days to notice! https://roninblockchain.substack.com/ ... https://twitter.com/...

• @broderick Ryan Broderick on x

  life comes at you fast https://twitter.com/...

• @epro Emil Protalinski on x

  In the past 24 hours, $BTC and $ETH are flat. In the past week, both are up 10%+. Nowadays, crypto hacks are priced in. https://twitter.com/...

• @adrianweckler Adrian Weckler on x

  A side point: no apparent sense of societal outrage at (massive) thefts like this. It's seen as hackers stealing from grifters. https://twitter.com/...

• @kelvinfichter @kelvinfichter on x

  Let's look at some early lessons. I think the most fundamental error here was the reliance on validator-based bridges. The Ronin Bridge has a fundamental assumption that a majority of keys cannot be compromised. Clearly this assumption was broken.

• @adamscochran Adam Cochran on x

  4/6 Given that most companies have already sold around 20% of an org b the time they reach that valuation, and this would be a down round, it'd put them in questionable ownership territory.

• @adamscochran Adam Cochran on x

  2/6 Unlike other exploits, this isn't critical infra that big trading firms or investment entities have a key vested interest in, and a lot of their inevstors are more classic VC, game studios etc, and not trade entities that are super risk on.

• @adamscochran Adam Cochran on x

  1/6 It's going to be interesting to see how Sky Maven (Axie) resolves this one. Previous losses of this scale got bailed out because larger entities needed it to survive, or could sell more of the company to cover it.

• @adamscochran Adam Cochran on x

  5/6 Plus Axie Infinities revenue was down a fair bit, with the protocol being at only $30M/year, down 70% from the previous months, and way down from its peak where it was on track to do nearly $1B/year.

• @adamscochran Adam Cochran on x

  6/6 Unless they are flush with cash that they've been saving from their previous efforts, this is going to be a tough one to climb out of. Wishing the best for them, but a tough place to be in.

• @nft_guru @nft_guru on x

  So this won't seem like a big deal right now, but if we are unable to retrieve the funds, the value of assets within Ronin will be drastically out of sync because the ETH that was used to purchase them is gone. This is a big deal, but I have confidence it will be resolved.

• @nft_guru @nft_guru on x

  When you use the Ronin Bridge to move your ETH assets into Ronin, you are essentially staking those assets into the bridge and given the equivalent funds to use in Ronin. For you to withdraw those funds, you would need to use the bridge to request the funds back into ETH.

• @nft_guru @nft_guru on x

  But the hacker exploited the bridge itself to steal the essentially “staked” funds in Ronin. These were not our Ronin assets being stolen, but the funds that allow our assets to have transferable value. Without them, we cannot withdraw our funds back to ETH.

• @nft_guru @nft_guru on x

  This morning we found out the @Ronin_Network was jeopardized and a hacker stole over $600m from the Ronin Bridge. There seems to be a lot of misunderstanding from the community on what this means. It doesn't mean individual people lost money, it's the ronin ecosystem as a whole. …

• @kelvinfichter @kelvinfichter on x

  It looks like the Ronin hack was quite different from previous bridge hacks. The Ronin bridge is a 5-of-9 validator bridge, meaning the funds are secured by a set of 9 secret keys, any 5 of which can be used to move money around.

• @degenapeacademy @degenapeacademy on x

  Proud to be the official security provider for the Ronin network

• @kelvinfichter @kelvinfichter on x

  It looks like 5 of the keys were compromised via a backdoor in the Ronin bridge node. It's unclear exactly how the backdoor worked, I'm going to keep investigating to see what's up.

• @staffordphilip Philip Stafford on x

  Just the six days to notice $600m had gone https://twitter.com/...

• @joepostingg Joe on x

  There's no equivalent to this for normal games. A hacker couldn't steal everyone's gold in World of WarCraft and then slowly cash it out on eBay. Blizzard would just ban the hacker and roll back everyone's gold balance.

• @phabcd @phabcd on x

  “Sky Mavis' Ronin chain consists of 9 validator nodes. In order to recognize a Deposit event or a Withdrawal event, 5/9 validator signatures are needed. The attacker managed to get control over Sky Mavis's 4 Ronin Validators and a third-party validator run by Axie DAO.” :oof: htt…

• @joepostingg Joe on x

  There's a lot of reason Play-to-Earn games seem terrible, but I think it's underdiscussed how they're likely to attract increasingly sophisticated threat actors who are liable to irrevocably ruin the game. https://twitter.com/...

• @alexhern @alexhern on x

  Every single crypto thing has an implicit multimillion dollar bug bounty running at all times https://twitter.com/...

• @mintroyale @mintroyale on x

  The future, where crappy software design and security lets people run off with $600m. Like, which web2 (or web1) company has ever been successfully hacked for that much? https://twitter.com/...

• @blockanalia Andrew T on x

  Some things that stand out (aside from the eye-watering sums) 6,250 ETH on the move to various wallets, getting chopped up into smaller and smaller amnts Nobody noticed for SIX DAYS? Initial deposit from the attacker's wallet came from Binance, so hopefully some info there https:…

• @blockanalia Andrew T on x

  Also sorry I can't help it Hacksie infinity https://twitter.com/...

• @livercoin @livercoin on x

  Fucking hell I am so unlucky with this coin https://twitter.com/...

• @livercoin @livercoin on x

  Second try with $AXS Pump it gaming gods https://twitter.com/...

• @0xpepo @0xpepo on x

  LMAO, Ronin hacked for $600M 6 days ago and they just realized today after an user reported they couldn't withdraw https://twitter.com/...

• @caseynewton Casey Newton on x

  Now that's what I call playing to earn https://twitter.com/...

• @tomaxwell Thomas Maxwell on x

  “So how did you lose your life savings” “Well you see, there's this decentralized, web3 game...” https://twitter.com/...

• @zackseward Zack Seward on x

  NY POST HED: HACKSIE INFINITY https://www.coindesk.com/...

• @edzitron Ed Zitron on x

  This is legit going to hurt a lot of desperate people playing this as a way of making money that was already below the minimum wage in the Philippines. Not being sarcastic. It really sucks https://twitter.com/...

• @caseynewton Casey Newton on x

  @web3isgreat https://twitter.com/...

• @cobie @cobie on x

  173k ETH exploit o_o https://twitter.com/...

• @hosseeb Haseeb Qureshi on x

  Holy crap. This is wild. https://twitter.com/...

• @loopifyyy @loopifyyy on x

  Holy shit. A massive exploit just happened on the Ronin network right now. This is over $600,000,000+ !! 🤯 https://twitter.com/...

• @cryptodefilord @cryptodefilord on x

  Bloody day in the crypto space hacker stole 173k ETH from Ronin Network. We need more security in crypto. We can't be falling into the hands of hackers every time. My friend had deposited some eth and now it at the messy of God. https://twitter.com/...

• @_prestwich James Prestwich on x

  looks like the first ever root of trust issue for a bridge the fact the post-mortem says “hacked private keys” is extremely concerning 🤡 https://twitter.com/...

• @hosseeb Haseeb Qureshi on x

  Sounds like private key compromise. As vanilla as it gets. This is why multisigs are not real security. Enough of these and crypto will wake up to this.

• @hosseeb Haseeb Qureshi on x

  Officially biggest on-chain hack ever? Worth about $621M by my math. In reality it'll be extremely hard to cash out a fraction of that. (The $25.5M USDC will probably get frozen immediately.)

• @jonrussell Jon Russell on x

  $600 million stolen 🤯🤯🤯 https://twitter.com/...

• @chainlinkgod @chainlinkgod on x

  Ronin bridge was just exploited for $600M of Ether and USDC So far, over $1.5B in capital has been exploited across various cross-chain bridges over the last year (Poly Network, Wormhole, and now Ronin) Stay safe out there frens https://twitter.com/...

• @psycheout86 @psycheout86 on x

  3/4 We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action.

• @silvermanjacob Jacob Silverman on x

  How are they going to possibly reimburse customers for $625m lost? https://twitter.com/...

• @silvermanjacob Jacob Silverman on x

  “So the ETH/USDC on Ronin Network is not currently backed by anything. But we are looking at other options.” https://www.bloomberg.com/...

• @can @can on x

  im sorry but this Axie Infinity thing is infinitely hilarious that they had no fucking clue they lost $600m for like a week

• @psycheout86 @psycheout86 on x

  2/4 This was a social engineering attack combined with a human error from December 2021. @SkyMavisHQ tech is solid and we will be adding several new validators to @Ronin_Network shortly to further decentralize the network.

• @psycheout86 @psycheout86 on x

  4/4 Very proud of how my teammates have handled the situation so far. Focusing on what we can solve and dealing with the problems one at a time. Also a very grateful for all the positive vibes in the @AxieInfinity community. We rise to the occasion together More to follow

• @psycheout86 @psycheout86 on x

  1/4 @Ronin_Network update Been an intense 36 hours Been working with the Sky Mavis board and key cybersecurity personnel to get a complete overview of the situation Our internal network is currently going through a deep forensics review to ensure there is no lingering threat

• @axieinfinity @axieinfinity on x

  We've received some questions regarding a recent unlock of AXS tokens from the vesting contract. This was done by Axie Infinity so we could deposit AXS to Ronin Network before pausing the bridge. A part of that AXS will be going to winners in Season 20. We are here to stay.