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#Ronin Network bailed out by #crypto giant #Binance after hack

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#RONIN NETWORK - $620 millions

-> Composed of 173,600 #ETH (roughly $595 million) worth of digital currency and USD tokens worth an additional 25.5 million dollars, the hacker accessed the wallet using private keys.

Since the #Ronin and #Horizon hacks have #called attention to the problem of #bridge security,

However, the Ronin software that validators ran was programmed only to call this function if the corresponding #coins on #Ronin had been burned.

which allowed Ronin validators to withdraw #tokens on #Ethereum and give them to the user, with or without burning them on #Ronin.

Ronin #bridge was a protocol that allowed #Axie #Infinity players to move #coins between #Ethereum and the #Ronin #sidechain to play the #game.

This is exactly what happened in the #Ronin and #Horizon hacks of 2022.

For example, #Ronin required five out of nine #signatures to withdraw, whereas #Horizon required two out of five.

In the past, bridges like #Ronin and #Horizon used multisig #wallets to ensure that only #bridge validators could authorize withdrawals.

#Ronin Network bailed out by #crypto giant #Binance after hack

$625 million Hacked ~ Exploit from RONIN Bridge.. 🙈

#ronin #crypto