• Binance Suspends Ronin Network Deposits and Withdrawals Following Hack

  • Deposits and withdrawals on Axie Infinity’s Ronin Network have been stopped since Tuesday, according to global exchange giant Binance.

    Binance has stated that it is aiding in the investigation into the Ronin hack, which could be the largest in the history of decentralized finance.

    On Tuesday, Ronin announced that an attacker “used compromised private keys to generate fraudulent withdrawals” from the Ronin bridge spanning two transactions, with losses estimated at 173,600 ETH and 25.5 million USDC, or more than $625 million at current prices.

    Binance stated that, in addition to assisting the Axie Infinity team and law authorities in the investigation, it has banned all deposits and withdrawals on the Ronin network and blocked suspected hacker addresses, with a dedicated monitoring team on the lookout for any strange transactions.

    Furthermore, Binance has suspended withdrawals of wrapped ether (wETH) from the Ethereum network as well as the convert function from wETH to ETH.

    Once the network is stable, the company will reopen deposits and withdrawals on the Ronin network, withdrawals for (wETH) on the Ethereum network, and the convert function from wETH to ETH.

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