Axie Infinity ethereum sidechain ronin lost $600 by hacker.
On April 29, a news came in the market That is, $600 million has been hacked from Axie Infinity's sidechain. Although the news is a little old. However, I am sharing because everyone needs to know how hacking is done. The hackers basically hacked the bridge of Ronin network . By hacking the bridge, he transferred 173600 to Ethereum and 25.5 million usdt by AXIE Infinity bridge to his account. These basically take control of the validator notes that Ronin Network has. For those of you who don't know about validator notes, validator notes basically verify transactions. Those who have validators in Bitcoin are called miner. They verify bitcoin transactions using mining machines. Ronin network is basically a kind of blockchain. The Ronin network has nine separate validators. They secure all the transactions of Ronin network. But if we look at Salona, Cardano or some other blockchain, it's a lot less than that. Salona, for example, has 2,500 validators Some blockchains also have 5,000 or 10,000 validators. Compared to that, there are only 9 validators in Ronin network
How hacked ...
The hacker targeted four of the nine validators . Then the virus enters the targeted validators. The viruses inform the hacker about the private keys of the validator . Then he hacked another validator . That means he owns a total of 5 validators out of 9 validators .
With the big amount of Validator in control, he could easily gain control of the Ronin network and hack dollars.
But the Ronin network did not realize it then. The hack was made on 22-23 march. but the Ronin network realized it was on the 29th when one of their users went to extract 5,000 ethereum.
At that time he did not see any ethereum in his account . He then informed Ronin Network about it. That's when it comes in front of us.
The way the customer understands is hacked..
If we take Bitcoin as an example, we can say that the blockchain on Bitcoin cannot run on any blockchain other than the blockchain. But we can use Bitcoin on all networks. This is because when we trade coins on a blockchain, the network gives us another coin to run on our other blockchain instead of the bitcoin.
we have ordered. Such as UBTC. When we want to get our bitcoin then another coin is sold and given to us by BTC . The hacker entered the system and hacked from here. When the customer wanted to get his ethereum back, he saw that there was no ethereum deposit against the coins given to him instead of ethereum . That's when he realized he had been hacked.
Ronin Network's move ...
When the Ronin Network learns about the hack, they close the bridge .
Moreover, they started approaching the government so that they can recover this fund. But now the question is how the hacker will convert his Ethereum.
Ronin Network's hacking is currently at number one . The hacking of the past poly network has also surpassed it
General discussion ....
I thought hacking would give axie Infinity a big dump of coins. But the surprising thing is that he did not dump too much.
In addition, they have announced the launch of axie-Infinity's Origin lunch. The reason behind such behavior is that Ronin Network has nothing to do with this coin. The Ronin network is basically a side blockchain. The Axis Infinity coin was formerly in the Ethereum blockchain . But recently they transfer it in Ronin network . Because Ethereum blockchain has to pay a lot of fees. The fee here is much lower than that. If there happend anything, it happened with ronin network. Not with Axie Infinity. So we didn't see any big dump in Axie Infinity Coin.
However, never keep 100% of your funds in one place . Divide your funds into a few places . Then you will be little safe.