Binance Partially Resumes Deposits, Withdrawals on Ronin Network as Hack Recovery Continues

Binance Partially Resumes Deposits, Withdrawals on Ronin Network as Hack Recovery Continues

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Axie Infinity's Ronin network

In case you missed it, Axie Infinity’s Ronin network recently got hacked, and losses of over $625M were recorded. This occurred on Tuesday last week, and the following day Binance had suspended deposits and withdrawals on the network.

The cryptocurrency exchange appointed a dedicated monitoring team following that event. Unusual transactions were being closely monitored, and any suspected hacker addresses were blocked. Additionally, Binance stopped withdrawals of wrapped Ethereum (wETH) on the Ethereum network as well as the wETH to ETH conversion function.

On Saturday, the global crypto exchange platform announced a partial resume of the halted processes. Deposits and withdrawals on Axie Infinity’s Ronin Network are now supported. This is good news to the decentralized community especially seeing that this hack is yet the largest to be recorded in crypto history. The bounce-back has been timely, and we appreciate that.

The majorly affected parts of the network were the validator nodes for Sky Mavis, Axie Dao, and the popular Axie Infinity game publishers. Deposits and withdrawals have so far partially resumed for Axie Infinity (AXS) and Smooth Love Potion (SLP) on the Ronin (RON) network. Wrapped Ethereum withdrawals on the Ethereum network and wETH to ETH conversion remains closed.

The dedicated team appointed by Binance remains in watchdog mode as the story continues to develop.

Topping the 2021 Poly Network attack that recorded a $611m theft, the Ronin Network attack recorded a $625M loss. Reports from the Ronin network reveal that the hackers stole private keys required to authenticate transactions. 173,600 Ethereum and 25.5m USDC lost still majorly reside in the attacker’s addresses.

The company behind Axie Infinity, Sky Mavis, assures that law enforcers and forensic cryptographers have already been reached out to. It is of high importance to the network that no loss of user funds gets recorded.

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