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.
The blog stated that the hacker used hacked private keys in order to forge fake withdrawals.
As per data from Etherscan, the Ethereum address used by the Ronin attacker is a new one and was created one week ago after receiving ETH from the Binance exchange. The attacker's address retains the majority of the funds.
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 :
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.
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.
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.
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.
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.
