Finance Redefined: Axie Infinity’s Ronin bridge faces worst hack, Binance launches Bridge 2.0 and more
The last week of March saw the decentralized finance (DeFi) market surge to new highs as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin bridge faced the worst hack in crypto history, raising security concerns for the market.
MetaMask integrated Apple Pay support, allowing users to purchase crypto using their Apple Pay account directly, and Binance launched Bridge 2.0 to integrate CeFi and DeFi into one platform.
Looking at the price side, the majority of DeFi tokens in the top 100 not only registered double-digit gains but also rose to new multi-month highs, with several tokens seeing three-digit gains over the past week.
Axie Infinity’s Ronin bridge hacked for over $600M
According to Axie Infinity’s official Discord and Ronin Network’s official Twitter thread, along with its Substack page, the Ronin bridge and Katana decentralized exchange have been halted after suffering an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth a combined $612 million at Tuesday’s prices.
In a statement, its developers said they were “currently working with law enforcement officials, forensic cryptographers and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON and SLP [tokens] on Ronin are safe right now.”
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Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi
On Tuesday, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. The feature enables users to bridge assets from any blockchain, including tokens not listed on the Binance app, to the BNB Chain. Bridged tokens listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens
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