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A comment on $625M worth of ETH drained on Axie Infinity's Ronin Network. Parent comment

Re:$625M worth of ETH drained on Axie Infinity's Ronin Network by Sargos on Tuesday March 29, 2022 @05:49PM (#30848828)
>Does this have implications for blockchain as a whole or was this company just dumb?

They were just dumb. The Ronin bridge where this money was stolen from wasn't decentralized at all and wouldn't even be recognized as a blockchain by even moderately experienced user. It was just a 5 of 9 multi-sig where the security was very poor and susceptible to social engineering. This was akin to a company keeping 100 gold bars in the closet by the bathroom and doesn't say anything about technology or things like DeFi or smart contracts.

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Re:$625M worth of ETH drained on Axie Infinity's Ronin Network by xur17 on Wednesday March 30, 2022 @12:10AM (#30851416)
> It was just a 5 of 9 multi-sig where the security was very poor and susceptible to social engineering.

Taking this a step further, the article mentioned that 4 of the 5 were under one companies control and compromised together. It wouldn't shock me to learn that all 4 had the same access rules, and as such all were accessible if one was, essentially reducing the 5 of 9 to 2 of 9.

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Re:$625M worth of ETH drained on Axie Infinity's Ronin Network by Tepix on Thursday March 31, 2022 @07:55AM (#30866186)
2 of 5.
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