Gaming-focused Ronin announced a loss of around $625 million in USDC and ether on Tuesday.
Binance, the world’s largest cryptocurrency exchange, said Wednesday morning that deposits and withdrawals on Axie Infinity’s Ronin Network had been halted since Tuesday.
Ronin announced Tuesday that an attacker “used hacked private keys to generate fraudulent withdrawals” from the Ronin bridge over two transactions, valuing the loss at 173,600 ether and 25.5 million USDC, or more than $625 million at current exchange rates.
Binance stated that it has suspended all deposits and withdrawals on the Ronin network in support of the Axie Infinity team and law enforcement in the inquiry. Additionally, the exchange has banned suspected hacker addresses and assigned a special monitoring team to keep an eye out for any strange transactions.
Additionally, Binance has suspended withdrawals of Wrapped Ether (WETH) from the Ethereum network, as well as the convert WETH to ETH function.
Once the company decides that the network is stable, it will resume deposits and withdrawals on the Ronin network, withdrawals for Wrapped Ether (WETH) on the Ethereum network, and the convert function from WETH to ETH.
At the time of publication, RON has plunged by 20%, according to data provider CoinGecko.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.