The aftermath of Axie Infinity’s $650M Ronin Bridge hack

In a shocking turn of events, the backbone of the popular play-2-earn game Axie Infinity’s was broken by a group of hackers. The hackers have reportedly stolen a lot of Ether and USD coins.

The hack has shaken Axie Infinity’s foundations of the developers. The complete coverage of the matter coming up right now. 

The Ronin Bridge Hack

As you may know, the Ronin bridge is one of the main sidechains that helps Axie Infinity to run. This sidechain contains the information of private keys. These private keys are important to operate the validator nodes.

The validator nodes approve all the transactions on the sidechain. Now, a group of hackers got hold of 5 private keys that give access to 5 validator nodes. Using the nodes, they stole 173,600 Ethers and 25.5 million USD Coins. Together these amount to more than $600 million. The Axie Infinity developer Sky Mavis have themselves confirmed the hacking and the amount lost. They have also given the reason of how the hack happened. The reason lies ahead. 

The reason behind the hack

According to Sky Mavis, Axie DAO handles all their transactions. Last year Axie DAO gave a special access to Sky Mavis. Through this access, Sky Mavis was able to directly sing off transactions. They had to do so to mitigate the large user volumes. After that, when the user volume came down Axie DAO forgot to revoke the access given to Sky Mavis. The hackers reportedly used this open end and got access to one private key. From this one key, they accessed four more keys and executed the heist. The heist took place on 23rd March 2022. Let’s see now what were the consequences of the hack. 

Consequences of the hack

The money that was stolen is gone forever it seems. This is because Sky Mavis did not report the crime till 29th March 2022. The delay gave the hackers enough time to liquidate all the stolen assets. The entire Ronin chain for the time being is down. Sky Mavis has taken this step as a precaution to prevent more heists. The chain will only be reopened after complete investigation of the matter. People who lost their money because of the hack are devastated. Here are the top reactions of the people. 

People’s reaction to the hack

People at first were not believing that the hack had happened. They were saying that all of this could be an elaborate rumor. But when Sky Mavis confirmed the hack, the people realized the gravity of the situation. Those who have lost their money are at a complete loss. Sky Mavis has assured that they are working towards recovering the money. The process would take time though. 

Till the money is recovered, transactions on Axie Infinity will remain down. So, if you lost money due to the hack then do not worry. The culprits will be caught soon and the all the money will be reclaimed. 

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