Ronin Hacked Again? Here’s What Happened to $9.7M

Co-founders Jeff Zirlin and Aleksander Leonard Larsen confirmed the unauthorized transfer of ETH from a whale wallet.

A digital pickpoket stealing the wallet of Axie Infinity Co-founder Jeff Zirlin.
Created by Gabor Kovacs from DailyCoin
  • Axie Infinity’s co-founder was targeted in a recent cyberattack.
  • The network’s co-founders denied the compromise of the Ronin Bridge.
  • The Ronin network fell victim to a significant security breach two years ago. 

The crypto industry has become a prime target for hacks and scams, relentlessly targeted by malicious actors who continuously adapt their techniques to outplay the industry’s security measures. Since the beginning of the year, numerous projects and entities have fallen prey to a range of hacking techniques, from SIM swapping to phishing scams and wallet breaches.

Joining the ranks of victims is the co-founder of Axie Infinity, who recently suffered a security breach. 

Was the Ronin Bridge Hacked?

On Friday, February 22, Axie Infinity co-founder Jeff “Jiho” Zirlin took to social media platform X to confirm a security breach on the Ronin network. 


Zirlin’s tweet came on the heels of blockchain cybersecurity firm PeckShield Alert’s alarm of suspicious activity on the Ronin Bridge the day prior, highlighting the unauthorized movement of 3,248 ETH from a “whale wallet.” 

PeckShield noted that the stolen funds, totaling approximately $9.7 million, were transferred to three separate Ethereum wallets before being routed through Tornado Cash. This privacy-focused crypto mixer obscures transaction trails on the Ethereum blockchain, making them impossible to trace.

Despite the severity of the breach, Zirlin asserted that the attacks were limited to two of his personal accounts and unrelated to the bridge.

Is Ronin Safe?

Emphasizing that the attack was not a testament to the security or validation of the Ronin network, co-founder Jeff Zirlin assured users of the strict protective measures in place for all chain-related activities.


Zirlin highlighted that while certain private keys were leaked, they have nothing to do with Sky Mavis’ operations. 

Doubling down on the stance, co-founder Aleksander Leonard Larsen also emphasized that the $9.7 million wallet compromise occurred “like what happens on every chain.” 

Larsen emphasized that the bridge has undergone many audits, reiterating its top security level and protective measures such as an auto pause when too many assets are withdrawn.   

On the Flipside

  • In March 2022, the Ronin network was exploited for $625 million by the North Korean-backed hacker group Lazarus.
  • Axie Infinity’s native token, RON, has experienced a 3.9% decline in the last 24 hours.
  • Some of the pilfered assets in the March 2022 hack were reclaimed, and the firm will probably employ similar measures to facilitate the recovery of the $9.7 million.

Why This Matters

Despite the co-founder’s assurance of the safety of the Ronin network and Sky Marvis, the breach on the wallets was a close attack. This underscores the need for bolstered security measures, particularly considering the security reputation of the protocol.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.