In accordance with a tweet posted on Ronin Community’s official Twitter deal with, the Ronin bridge has been exploited and 173,600 ETH and 25.5 million USDC cash price about $612 million have been stolen.

Following the hack, Ronin bridge and Katana DEX have each been halted.

Ronin nonetheless mentioned within the Twitter thread referring to the exploit that its staff is working with “legislation enforcement officers, forensic cryptographers, and our traders to make it possible for all funds are recovered or reimbursed.” It additionally mentioned that “the entire AXS, RON, and SLP on Ronin are secure.”

What we all know in regards to the hack to this point

In accordance with an official communication of Ronin Community on Substack, the hacker managed to take over the management of 4 of Sky Mavi’s Ronin validators along with a third-party validator managed by the Axie DAO.

The Sky Mavi’s Ronin chain consists of 9 validator nodes and 5 out of the 9 are required to append their signatures for a deposit or withdrawal to be acknowledged. Though the validator key scheme is decentralized and constructed to restrict an assault vector just like the one which simply occurred, the hacker discovered a backdoor by the community’s gas-free RPC node and acquired the signature for the Axie DAO.

On the time of writing, the RON token, which is Ronin’s native governance token, had dropped by over 20% over the previous one hour.