Binance banned Ronin Network Transactions for Now

On Tuesday, we came to know about the Ronin Network Attack on Axie Infinity surmounting $625 million in USDC and Tether.  Due to this reason, Binance has suspended all activities related to this network. This attack can cause significant damage to the history of DeFi transactions.

Binance officials say that the attackers used private keys to fake withdrawals, the magnitude of which is huge (173,600 ETH and 25.5 million). The team is further looking into the operation and checking for unusual activities.

Users cannot perform any transaction on the Ronin Network, Ethereum network, and cannot convert wETH to ETH. But the organization will soon resume its operations once the dust settles.