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Decentralized finance platform Ronin Network announced a hack of more than $625 million in cryptocurrencies, possibly the largest crypto hack on record.
Details: The hackers reportedly targeted the gaming-focused Ronin Network to access USDC and ether cryptocurrencies.
Background: The attack might be the largest ever of a DeFi platform, surpassing last year’s hack of the Poly Network. That event netted the attackers $600 million in cryptocurrencies, much of which was later returned.
More: An ICBA blog post spotlights what DeFi means for community banks. Other recent posts focus on stablecoin market developments and how Washington is responding.