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Scam Alert

Ronin Bridge Issue Detected With Suspicious $9.7 Million ETH Transaction

February 23, 2024 - Around 2 mins mins to read

Key Points:

  • Suspicious transactions on the Ronin bridge sparked concerns of a breach, totaling over 3,248 ETH.
  • Axie Infinity’s founders confirmed the security but noted individual wallet hacks as the Ronin bridge issue.
The crypto community was stirred today as reports surfaced regarding a meaningful attack on the Ronin bridge sidechain developed by Sky Mavis, triggering concerns about the security of digital assets.
Ronin Bridge Issue Detected With Suspicious $9.7 Million ETH Transaction

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Ronin Bridge Issue Concerns: Cryptocurrency Community Alarmed

Early on February 23, web3 security firm Ancilia detected suspicious withdrawal transactions, igniting speculation of a Ronin bridge issue has occurred. Over 3,248 ETH, valued at approximately $9.7 million, were transferred to three distinct wallets before being routed to the Tornado Cash crypto mixing platform. The most recent transaction occurred roughly 50 minutes ago.

Following widely Ronin bridge issue, co-founders of Axie Infinity and Ronin, Aleksander Leonard Larsen and Jeffrey Zirlin stepped forward to dispel rumors. They confirmed that while the Ronin bridge remains intact, the issue stemmed from potential hacks on individual wallets, emphasizing the importance of securing private keys.

Despite admitting his own wallet had been compromised, Axie’s Jihoz assures the community that the incident was isolated and did not compromise Ronin’s security.

Axie Infinity Founders Address Ronin Bridge Speculation

Larsen affirmed the security of the Ronin bridge, attributing the breach to a compromised ‘whale wallet,’ highlighting the ongoing battle against cybercriminals.

The incident caused a temporary dip in RON prices, with a nearly 8% drop to around $2.84, before recovering to the current range of $2.96. Ronin bridge issue underscores the perpetual vigilance required in securing digital assets, with resources available to fortify defenses against such threats.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.