by | Mar 30, 2022 | History, Resources

While you may think your crypto currencies are the safest thing out there … read this report below that was in my morning brew!


The details: The hack drained roughly $617 million worth of ether and USDC from the Ronin Network—a “layer 2” solution (layer 1 being the Ethereum blockchain) that conducts crypto transactions for Axie Infinity. Because Ronin is off-chain, its transactions are faster, cheaper, and less energy intensive than on-chain ones. But there’s a trade-off: Ronin is less secure than the blockchain it supports.

In this case, hacker(s) took control of enough of the “nodes” that greenlight transactions on Ronin to funnel money into their own ethereum wallet. According to a post from Ronin yesterday, most of the stolen funds are still sitting in that wallet, and Ronin is working 25/7 with regulators to get them back.

Zoom out: This hack eclipses the theft of $611 million from decentralized finance (DeFi) platform Poly Network that occurred in August. One of blockchain technology’s big promises is enhanced security, but so far its track record is muddier than a Dirty Jobs episode.—JW

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Jon Lerner

Jon Lerner, Scarsdale Coin president, is a recognized expert in the numismatist field. Jon has spent over 30 years collecting and evaluating coins. He is often sought out by fellow coin collectors for his advice and knowledge of rare coins.


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Scarsdale Coin

Jon Lerner, a renowned figure in numismatics, discovered his passion for rare coins in his Scarsdale, New York upbringing. With a keen eye for quality, he founded Scarsdale Coin in 1985, quickly establishing it as a premier destination for collectors. Beyond dealing, Jon is a respected speaker and prolific writer, sharing his expertise with enthusiasts worldwide. His commitment to integrity and professionalism has earned him admiration throughout the numismatic community. Jon remains dedicated to enriching collectors' experiences and preserving the legacy of rare coins for future generations.