Thursday, March 28, 2024

Hackers Steal $540 Million From Axie Infinity Using a Fake Job Offer on LinkedIn

During the month of March 2022, one of Axie Infinity’s former employees became the victim of a fake job offer on LinkedIn and applied for the role. This caused the Ronin Bridge to be hacked for $540 million, resulting in the loss of the company.

It was discovered that a senior engineer in the company had been conned into applying for a job with an organization that did not exist. In other words, a false PDF document disguised as a job offer document was downloaded by the individual.

There was a subsequent act of malware deployment via the offer document, which was used to deploy the malware. Ultimately, Ronin’s network was breached with the help of this document, allowing one of the biggest hacks in the crypto sector to ever occur.

Timeline

In the absence of a proper tracking system, the security researchers were unable to detect the breach immediately, which resulted in no immediate action being taken. In order to understand the large outflows from the bridge, experts used these kinds of systems.

Forging fake withdrawals was possible with the help of five of the nine validator private keys that the attacker was able to access. And here below we have mentioned the validator private keys:-

  • 4 Sky Mavis validators
  • 1 Axie DAO

The Ronin bridge was drained of 173,600 Ethereum and 25.5M USDC in two transactions as a result of this security breach event.  

Security measures

Here below we have mentioned all the security measures taken by the company after this security breach:-

  • To ensure that lingering threats do not present themselves, our security experts are continuously working with other top-notch experts.
  • In Ronin Network, we intend to increase the number of nodes that serve as Validating Nodes.
  • Implementation of stricter internal procedures must be implemented
  • Audits should be conducted by security professionals.
  • Create an organization with a zero-trust culture.
  • Programs that offer Bug Bounty prizes should be launched.
  • ISO27001 and other security-related certifications.

There has been an announcement from the FBI that the Ronin Validator Hack was the result of highly skilled hackers from North Korea, the Lazarus Group.

The Lazarus Group is a group of state-sponsored hackers who have been linked with many high-profile hacks and are highly resourceful and sophisticated cybercriminals.

A new design is currently being developed for the Ronin Network bridge. The bridge will be open to the public once it will be able to withstand the test of time.

It is imperative to note that this security breach demonstrates the fact that there are no companies that are immune from external threats.

A lot of attention has been paid to the theft of cryptocurrency in recent years, and this analysis aims to play a small role in strengthening industry security in a small way.

You can follow us on LinkedinTwitterFacebook for daily Cybersecurity and hacking news updates.

Website

Latest articles

GoPlus’s Latest Report Highlights How Blockchain Communities Are Leveraging Critical API Security Data To Mitigate Web3 Threats

GoPlus Labs, the leading Web3 security infrastructure provider, has unveiled a groundbreaking report highlighting...

Wireshark 4.2.4 Released: What’s New!

Wireshark stands as the undisputed leader, offering unparalleled tools for troubleshooting, analysis, development, and...

Zoom Unveils AI-Powered All-In-One AI Work Workplace

Zoom has taken a monumental leap forward by introducing Zoom Workplace, an all-encompassing AI-powered...

iPhone Users Beware! Darcula Phishing Service Attacking Via iMessage

Phishing allows hackers to exploit human vulnerabilities and trick users into revealing sensitive information...

2 Chrome Zero-Days Exploited at Pwn2Own 2024: Patch Now

Google has announced a crucial update to its Chrome browser, addressing several vulnerabilities, including...

The Moon Malware Hacked 6,000 ASUS Routers in 72hours to Use for Proxy

Black Lotus Labs discovered a multi-year campaign by TheMoon malware targeting vulnerable routers and...
Balaji
Balaji
BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

Mitigating Vulnerability Types & 0-day Threats

Mitigating Vulnerability & 0-day Threats

Alert Fatigue that helps no one as security teams need to triage 100s of vulnerabilities.

  • The problem of vulnerability fatigue today
  • Difference between CVSS-specific vulnerability vs risk-based vulnerability
  • Evaluating vulnerabilities based on the business impact/risk
  • Automation to reduce alert fatigue and enhance security posture significantly

Related Articles