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Binance Partially Resumes Deposits, Withdrawals on Ronin Network as Hack Recovery Continues
Gaming-focused Ronin on Tuesday disclosed a loss of more than $625 million in USDC and ether.
Global exchange giant Binance said Saturday that deposits and withdrawals on Axie Infinity's Ronin Network, which had been suspended since Tuesday following perhaps the largest hack in decentralized history, have partially resumed.
- On Wednesday, Binance said it had suspended all deposits and withdrawals on the Ronin Network and blocked potential hacker addresses, with a dedicated monitoring team watching for any unusual transactions. In addition, Binance paused withdrawals of wrapped ether (wETH) on the Ethereum network, and the convert function from wETH to ether (ETH).
- Today, the crypto exchange said deposits and withdrawals for axie infinity (AXS) and smooth love potion (SLP) on the Ronin network have been resumed. However, withdrawals of wrapped ether on the Ethereum network, and the convert function from WETH to ETH remains closed, until the exchange deems it to be stable.
- Binance said a dedicated team continues to monitor for unusual transactions.
- On Tuesday, Ronin said an attacker "used hacked private keys in order to forge fake withdrawals" from the Ronin bridge across two transactions, and tallied losses at 173,600 ETH and 25.5 million USDC, or more than $625 million at current values.
STORY CONTINUES BELOW
Read more:So You’ve Stolen $600M. Now What?
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
