Ronin Network Archives - Coin Engineer https://coinengineer.net/blog/tag/ronin-network/ Btc, Coins, Pre-Sale, DeFi, NFT Sun, 01 Sep 2024 14:44:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Ronin Network Archives - Coin Engineer https://coinengineer.net/blog/tag/ronin-network/ 32 32 Crypto Attacks in August Resulted in $313 Million in Losses https://coinengineer.net/blog/crypto-attacks-in-august-resulted-in-313-million-in-losses/ https://coinengineer.net/blog/crypto-attacks-in-august-resulted-in-313-million-in-losses/#respond Sun, 01 Sep 2024 18:00:05 +0000 https://coinengineer.net/blog/?p=28242 In August, the cryptocurrency market suffered significant financial damage due to over 10 cyberattacks, leading to a staggering loss of $313.86 million in digital assets. This series of breaches has further fueled doubts about the broader acceptance of this asset class. According to a report by blockchain security firm PeckShield, phishing attacks alone were responsible

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]]> In August, the cryptocurrency market suffered significant financial damage due to over 10 cyberattacks, leading to a staggering loss of $313.86 million in digital assets. This series of breaches has further fueled doubts about the broader acceptance of this asset class. According to a report by blockchain security firm PeckShield, phishing attacks alone were responsible for 93.5% of all stolen crypto funds, amounting to a loss of $293.4 million.

What Happened in August?

Among the most significant incidents in August were two major phishing attacks that resulted in the theft of $238 million in Bitcoin and $55.4 million in Dai. Other notable losses included a breach of the Ronin Network, where hackers managed to siphon off $12 million, although $5.1 million in unauthorized transactions were recovered. Additionally, the decentralized finance protocol Nexera suffered a loss of $1.83 million due to a smart contract vulnerability.

A report published by Immunefi on August 29 revealed that the cryptocurrency industry has seen $1.21 billion in digital assets lost to hacks and rug pulls since the beginning of 2024.

In July, India’s WazirX cryptocurrency exchange fell victim to one of the largest cyberattacks of 2024, losing $234.9 million from one of its multi-signature wallets. The exchange is currently in the process of implementing a phased plan to restore its financial operations, which includes pursuing legal actions in Singapore as part of its restructuring efforts.

To protect the crypto industry from the financial losses caused by hacks, a team of ethical hackers has been assembled to strengthen defenses and prevent breaches. This elite anti-hack response unit, known as the Security Alliance (SEAL), is led by white-hat hacker Samczsun and has handled over 900 reports related to hacking incidents since its inception in August 2023.

According to an Immunefi report dated August 22, approximately 80% of cryptocurrencies never recover their value after a hack or exploit, with the resulting depreciation often causing more harm to projects than the exploit itself.

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]]> https://coinengineer.net/blog/crypto-attacks-in-august-resulted-in-313-million-in-losses/feed/ 0 Ronin Network’s RON Token Surges 11% After Coinbase Listing https://coinengineer.net/blog/ronin-networks-ron-token-surges-11-after-coinbase-listing/ https://coinengineer.net/blog/ronin-networks-ron-token-surges-11-after-coinbase-listing/#respond Fri, 22 Mar 2024 18:30:53 +0000 https://coinengineer.io/blog/?p=16145 The native token of Ronin Network, RON, experienced an 11% surge to reach $4.12 on March 21 following its listing on Coinbase. The announcement of the listing coincided with Ronin Network’s significant increase in daily activity, with active addresses skyrocketing by over 500% since February, surpassing previous peaks observed during the Axie Infinity craze in

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]]> The native token of Ronin Network, RON, experienced an 11% surge to reach $4.12 on March 21 following its listing on Coinbase. The announcement of the listing coincided with Ronin Network’s significant increase in daily activity, with active addresses skyrocketing by over 500% since February, surpassing previous peaks observed during the Axie Infinity craze in 2021.

In a blog post, the Ronin Network team noted the explosive growth of Coinbase this year, attributed to the rising interest in web3. They highlighted that many Coinbase users might be delving into web3 for the first time, contributing to the increased adoption and activity on Ronin Network.

Founded in early 2021 by Sky Mavis, Ronin Network serves as a blockchain platform specifically tailored for play-to-earn on-chain activities. The platform hosts a variety of web3 games, including Axie Infinity, Pixels, and Wild Forest, enabling players to earn cryptocurrencies and non-fungible tokens (NFTs) through their on-chain engagements.

Eliza Crichton-Stuart, head of operations at GAM3S.GG, suggested that Ronin’s recent surge in on-chain activity could be attributed to engagement across various games, particularly highlighting Pixels. Pixels, reminiscent of classic farming games like Harvest Moon and Stardew Valley, incorporates a crypto token economy alongside NFT-based land plots and pets. Originally launched on the Polygon network, the game transitioned to Ronin Network last autumn, significantly boosting adoption and activity on the platform.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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