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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.
Updated May 11, 2023, 3:59 p.m. Published Apr 2, 2022, 12:47 p.m.
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 .
- Today, the crypto exchange said deposits and withdrawals for axie infinity (AXS) and 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.
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Read more:So You’ve Stolen $600M. Now What?
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