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Highlights
- The Ronin Bridge network, which is a bridge connecting several blockchains, announced that hackers had infiltrated the network before stealing US$590 million.
- The Ronin attack is the the latest in a string of security breaches on crypto platforms, with several high-profile exchanges being hit last year.
- Decentralised Social’s Token DESO surged an impressive 124% within hours of reaching a milestone.
Blockchain project, Ronin Bridge, has been hit by one of the biggest heists in crypto history.
The Ronin Bridge network, which is a bridge connecting several blockchains, announced that hackers had infiltrated the network before stealing US$590 million.
Node computers operated by blockchain gaming studio, Sky Mavis – the creators of the popular NFT game “Axie Infinity” – were also attacked as a result of them using the bridge with the perpetrators allegedly seizing 173,600 Ether as well as 25.5 million USDC.
Interestingly, the breach occurred one week ago on March 23, however according to Ronin, it wasn’t discovered until Tuesday.
The Ronin attack is the the latest in a string of security breaches on crypto platforms, with several high-profile exchanges being hit last year. It also reveals the security issues particularly associated with bridges with many bridges neglecting auditing of their code.
Also Read: Bulls predict more gains for Bitcoin: How high can it go?
Ronin’s RON Token has since dropped 23% in light of this News with the token now valued at US$1.77.
Altcoin News
A lesser-known decentralised social media project supported by billionaire investor Chamath Palihapitiya is surging after announcing the creation of 1.5 million accounts on the platform.
Decentralised Social’s Token DESO surged an impressive 124% within hours of reaching the milestone. It has since corrected but is currently at its highest point since January 7 of US$45.22.
In a new press release, Decentralized Social (DESO) says that over 1.5 million accounts have been created on its platform.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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