Bitcoin Forum

I am shocked when I saw this tweet (https://twitter.com/angelclarksays/status/1508832713301659650?s=21&t=-hERB9u57WAXt0qWkfp24A) and more shocked to know it takes 6 days to be noticed.

This address is reported to involved in a hack targeting the Ronin bridge (https://etherscan.io/address/0x098b716b8aaf21512996dc57eb0615e2383e2f96). It is the biggest hack on crypto bridge as I know. It is no fun for Axie Infinity team and hope that they will recover from this one.

More details

• Axie Infinity’s Ronin Network Suffers $625M Exploit (https://www.coindesk.com/tech/2022/03/29/axie-infinitys-ronin-network-suffers-625m-exploit/)
• Axie Infinity's Ronin bridge hacked for over $600M (https://cointelegraph.com/news/axie-infinity-s-ronin-bridge-hacked-for-over-600m)

Another reason why you should avoid investing in shitcoins and start investing in Bitcoin. This is the second biggest hack after Polynetwork as per Bloomberg.
https://i.imgur.com/wOy2WUll.jpg

Inaccurate comparison in my opinion, Mt. Gox is a hack on an exchange and it does not relate to Bitcoin. The hack on Ronin Bridge is more technically related to its blockchain and operation of Axie Infinity.

Mt. Gox is not a Bitcoin security breach but this hack on Ronin Bridge is Axie Infinity security breach. They are different and what you compare is just value of the compromises. You can compare them in finance but can not do so technically.

Ive saw this too. Cause some tweets giving hints for shorting it few days back  cause Ive followed some degens on twitter. Its clearly Axie dont want people to panic sell with their admist origin release announcement. This new will likely kill the momentum thats why they didnt announced it and instead give it fee days to release the said incident. In  my opinion, this isnt good if there is an accident like this, they should be vocal and tell right away to people. It seems they are also scared of tragic fall.

I'm interpreting that comparison to mean that one should avoid shitcoins cause the are vulnerable to hacks and leaks, whilst Bitcoin is a much more secure network and any breach is usually through third party networks like exchanges and not linked to Bitcoin at all as people can choose where to store their coins and many make wrong decisions.

This is a big problem of decentralized internet powered by the blockchain (Web3). Unlike government regulated financial institutions that are mandated by laws to report cyber-attacks promptly and accurately,  Web3 marketplaces are free and not bound by laws. They do not have to report anything at all. Hence, they decide what, when and how to report these cyber-.attack. This is the price of freedom and decentralization. Indeed there is more work to be done.

Actually, that chart is wrong, Axie/Ronin/Sky Mavis is at the top. The current news of how much was hacked is around $615M-$625M.

True.

This is what's shocking. AFAIK, they've been hiring a lot of developers for their progress yet they've forgotten the security part and noticed it too late. But currently, with the news that I've read, the funds were tracked and deposited scattered into FTX and Binance. Still a developing news and waiting for some more updates.

Because hacks have become more common than green cars?
Hacks and "hacks" are simply not front-page material unless it's one of the big guys that is targeted, when it comes to chains and shitcoins, it's the usual, nothing to see here, move to the next shitcoin. They've become so boring I wonder if right now they will even get investigated, since it's a private matter police and authorities will only intervene if it's a complaint, but who is complaining in real life nowadays, everyone is searching for Twitter justice.

But they can mint some more shiny jpgs and people will be happy to put their own money in the scheme to cover losses.


No, it's exactly what people should be doing, investing in coins with no trouble in the protocol behind it, nobody will be checking your bitcoins if you have them in your wallet and you take care of it, play with shitcoins and this is what you get. With altcoins one stupid move from the developers or a bug and the whole card castle goes down, with bitcoin even with MtGox, the protocol is unharmed.

Just heard this news today and was shocked to see the amount of hack as this is one of the biggest hacks according to me worth $625 million on Ronin bridge based on Axie Infinity NFT based P2E game.


But the experts have blamed that in order to validate the transactions fast they reduced the number of nodes to only five out of nine and this is one of the problem of POS mechanism which completely diminish the security levels.

The other thing is they noticed it after few days when users were not able to deposit or withdraw their funds on the network but there was also short of Ronin and AXS tokens but before anyone could notice they get liquidated :


As the address is known to them because it was just made a week ago from Binance which they used in hack and now holds the amount it could be possible for them to recover the funds in any manner they find it suitable but looking forward to see what they come up with next.This is the address :

https://i.ibb.co/d2m1HKg/Screenshot-20220330-153634-01.jpg

After this breach they have increased the number of validators nodes to eight but seriously it is of no security with this small number of nodes to run billion dollar worth of transactions and that also in POS mechanism.So this was biggest exploitation of the network which affected their token prices also badly.

Most people don't follow this advice and simply invest in these projects who have some security bugs that can be easily exploited and then loose the money due to such hacks.Bitcoin network is secured by thousands of nodes and miners put all the right transactions within the block with full transparency.This Ronin network could easily be exploited as you need to take control of five nodes only out of nine so it's not much hard for hackers to commit the crime.

Bitcoin hacks have been there but not directly but through these DeFi, exchange and some other things which are the root cause of hacks as the same security breaches and some themselves becoming scam one so be aware of it.

Yes the chart is not showing the accurate data because there was scam of around 173600 ETH coins and 25.5 Million USDC which is over $625 million as stated in the @OP also.

There are many people who confuse some terms, for example:

 - Altcoins: like bitcoin but They have their own blockchain.
 - Altcoins Bridges: They are more like decentralized platforms where a person exchanges/swap between more than one blockchain/token.

Altcoins cannot be hacked, but some of them are capable of double spending. For example, a double-spending attack was successfully conducted on the Ethereum Classic blockchain^[1].

What happened here is the process of hacking smart contracts, finding loopholes in those contracts is a very complicated matter, so either that platform has fundamental bugs, or the one who hacked it is one of the platform members/related to that platform.

In general and in all cases, it is better to avoid altcoins and bridges.


[1] Ethereum Classic Attacker Double-Spends $1.68M: Report (https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report/)

I think that chart was released before the other updates have come.

CZ and his team are on the help of tracking down the tracker and at least mitigating the potential loss from this hack.

See the tweet: https://twitter.com/cz_binance/status/1508869326916530176?s=20&t=9TL7RIwAq7Wy-kfG9s8-Gw

Gonna wait where this is leading and for sure that by tomorrow or later on we're going to see some news and updates towards this hacking incident.