NewsBusiness

Nearly $7M of Hacked Ronin Funds Sent to Privacy Mixer Tornado Cash

Following the recent $622 million attack on Axie Infinity side chain Ronin, some of the funds are now on the move.

2 min read

The hacker that exploited Ronin Bridge to drain $622 million from Axie Infinity developer Sky Mavis’s treasury has moved millions of the hacked funds today, according to on-chain data from Etherscan. 

The transaction history reveals that some twenty transfers were made to the same Tornado wallet over the last eight hours. Each transfer sent over 100 Ethereum or about $345,500 at today’s price. 

The combined total of money moved to Tornado is 2,000 ETH, or roughly $6.9 million. 

Tornado Cash is a privacy tool that can obfuscate the source of cryptocurrencies. It acts as an intermediary, breaking the on-chain link between the source of the funds and their destination.

The only money left in the attacker’s wallet is a little over 0.1 ETH, or $376.73. 

Ronin hack repercussions 

The Ronin bridge exploit happened on March 23 but wasn’t discovered until March 29. In a blog post, the Ronin team said it believes the hacker accessed the funds through “hacked private keys.” 

Shortly after the discovery, the price of Axie Infinity’s in-game tokens AXS and SLP dipped. Currently, AXS is down nearly 4% over the last 24 hours and trades at $63.66

Meanwhile, SLP is positively mooning today. It’s up more than 17% and trades at $0.026

The bank-breaking theft also postponed the release of Axie Infinity: Origin, a significant update to the game. Initially due out last week, Origin will now launch this week.

Axie’s leader Jeff “Jiho” Zirlin appeared onstage at the NFTLA conference shortly after learning about the attack. He said that Axie is “fully committed to continue building,” before outlining his optimistic vision for the project’s future.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!