The Ronin Hack
Ronin is a masterless samurai warrior in the old Japanese feudal society and so Sky Mavis the company behind the biggest and largest Play-To-Earn game on the Ethereum Blockchain decided to make Roninchain a jack knife as a sidechain of Ethereum to power Axie Infinity
Largest Cryptocurrency Theft
On the 23rd of March Sky Mavis confirmed in a blogpost that a hacker had stolen tokens worth more than 500 million Dollars ($500,000,000).
The platform told reporters that an unidentified hacker(s) had made away with 173,600 Ether tokens and 25.5 million USDT coin tokens. With current exchange rates, the stolen funds are now valued $615m, however they were worth $540m at the time of the incident.
There has been similar theft last in 2021 on the Poly Network
The Ronin Hack
The Ronin Hack is just yet another stain on the cloth of Cryptocurrency and Blockchain Safety. Billions of Dollar since the turn of the year 2013 has been stolen from different Cryptocurrency projects and protocols. Majorly from the Ethereum Blockchain. Alternative blockchains like Avalanche, Binance Chain, Tron, Layer 2 project like Polygon, Arbitrium, Optimism have all had their combined share of hack and theft in the hundreds of Millions of Dollars.
