Ronin, the web3 gaming blockchain behind Axie Infinity and Pixels, has reportedly been hacked in an exploit for $9.8 million. In an exploit from MEV (Maximal extractable value) bots, hackers extracted 4000 ETH and up to $2 million USDC from the chain. The transaction took place on August 6, 2024 5:37 PM GMT+8. This has prompted the team behind Ronin to pause the bridge and assure the public that their $850 million treasury is secure.

Previously, Ronin experienced a hack in March 2022 when it was drained for $624 million (173,600 ETH and 25.5 million) due to compromised keys. The attacker gained control of four validators controlled by Sky Mavis and a third-party Axie DAO validator that signed their malicious transactions. Additionally, Jihoz, the creator of Axie Infinity, was also hacked earlier in February this year, as $9.7 million in 3,248 ETH was taken from him due to a wallet compromise.

ZachXBT, a renowned crypto detective specializing in crypto transaction forensics, attributes the previous two hacks to the North Korean hacker group called “Lazarus Group." While speculators are quick to point fingers at said hacker group and conspiracy of malicious insiders, ZachXBT claims that this is a case of mismanagement and failure to uphold security protocols by Ronin.

He is also confident that funds are likely to be returned with the help of different exchanges tracking hot wallets. This is a developing story as of writing