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

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

Global exchange giant Binance said Saturday that deposits and withdrawals on Axie Infinity's Ronin Network, which had been suspended since Tuesday following perhaps the largest hack in decentralized history, have partially resumed.

On Wednesday, Binance said it had 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 paused withdrawals of wrapped ether (wETH) on the Ethereum network, and the convert function from wETH to ETH.

Today, the crypto exchange said deposits and withdrawals for Axie Infinity (AXS) and Smooth Love Potion (SLP) on the Ronin (RON) network have been resumed. However, withdrawals of Wrapped Ether (WETH) on the Ethereum network, and the convert function from WETH to ETH remain closed, until the exchange deems it to be stable. With the way attacks are on the rise, I hope that crypto exchange, Binance, NFT Marketplace, OpenSea and even crypto e-commerce marketplace, Exeno outfit themselves with better security features.

Binance said a dedicated team continues to monitor for unusual transactions.

On Tuesday, Ronin said an attacker "used hacked private keys in order to forge fake withdrawals" from the Ronin bridge across two transactions, and tallied losses at 173,600 ether (ETH) and 25.5 million USDC, or more than $625 million at current values.