Binance Suspends Deposits and Withdrawals on Ronin Network After Hack

Gaming-focused Ronin on Tuesday disclosed a loss of more than $625 million in USDC and ether.

By Camomile Shumba

Mar 30, 2022 at 12:06 p.m. UTC

Updated Mar 30, 2022 at 6:37 p.m. UTC

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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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Global exchange giant Binance said Wednesdaythat deposits and withdrawals on Axie Infinity's Ronin Network have been suspended since Tuesday.

Binance said it is assisting with supporting the investigation into the Ronin hack, which could be the largest in decentralized finance history.

Ronin on Tuesday said an attacker "used hacked private keys in order to forge fake withdrawals" from the Ronin bridge across two transactions, and pegged losses at 173,600 ether (ETH) and 25.5 million USDC, or more than $625 million at current values.
Besides supporting the Axie Infinity team and law enforcement in the investigation, Binance said it has 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 has paused withdrawals of wrapped ether (wETH) on the Ethereum network, and the convert function from wETH to ETH.
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 once it determines the network is stable.
At press time RON had fallen by 20%, according to data provider CoinGecko.

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