New #1 On DeFi Hack Leaderboard -Axie Infinity’s Ethereum Sidechain Ronin Hit By $600 Million Exploit


The Block Crypto first reported that the Ronin Exploit is the largest DeFi exploit of all-time.,

Ronin Network, an Ethereum sidechain used for blockchain game Axie Infinity, was exploited for ~ $600 million, or 173,600 ETH and 25.5 million USDC, at the time of writing.

The Ronin team explained:

“Five validator private keys were hacked; 4 Sky Mavis validators and 1 Axie DAO. The validator key scheme is set up to be decentralized so that it limits an attack vector such as this, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator. This traces back to November 2021 when the Axie DAO validator was allowlisted to distribute free transactions. This was discontinued in December 2021, but the Axie DAO validator IP was still on the allowlist.”

How To Get Free Crypto  

The most frightening thing about the hack is not the size, but rather the timing of realization. The Ronin team spotted the hack 6 days after it initially occurred!

Tweet shows the Ronin Hackers’ depositing proceeds to FTX.

Per Etherscan, all stolen ETH and USDC have been transferred to various wallets, DeFi protocols, and centralized exchanges (FTX and

After the hack was reported, decentralized credit scoring and lending protocol, RociFi, tweeted that they had tagged the hacker’s addresses as high fraud risk previously.


RociFi’s fraud analytics scored the hacker’s addresses as high risk previously.

Recently, RociFi has launched an initiative to drive fraudulent actors out of DeFi by given away their fraud analytics dashboard to DeFi users for free. Users will now have the ability to screen contracts and addresses before interacting with them.

Coinbase Banner  

The persistent DeFi exploits have split the community with some noting bearishness for the future of the industry.

Bearish tweet about continued exploits of DeFi.

While some highlight the benefits of DeFi’s self-governance and limitations to laundering large amounts of crypto.

Bullish tweet noting DeFi’s resilience and limitations to cashing out large amounts of crypto.

Despite the continued ‘black eyes’ of hacks and scams in DeFi, the industry has made remarkable strides in it’s short existence. No one knows the future, but DeFi is likely to become more resilient in the long-term due to monumental hacks like this one.

Go to Source
Author: Chris Brookins, Contributor

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.