From the course: Practical Blockchain and Cryptocurrency

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Ronin network attack

Ronin network attack - Blockchain Tutorial

From the course: Practical Blockchain and Cryptocurrency

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Ronin network attack

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- All right. I want to talk to you about another attack, the Ronan attack or the Ronan Network Attack. It's actually a pretty interesting one. Ronan was a gaming focused cryptocurrency, and blockchain. They announced that they had lost over $625 million in US currency based on their cryptocurrency. The attackers were actually able to hack the private keys. I had actually mentioned this before, is like when you actually create a wallet on Bitcoin or any application you get like these passwords, maybe these eight to 12 little random words, that's your private key. I've already told you, if you don't own your private key, you don't own your cryptocurrency. The private key is what syncs your account, your wallet, your identity, your cryptocurrency identity with that blockchain. Now, it's supposed to be like impossible to hack because they're random words, and depending on the wallets, you could have up to like 12 to 15 different random words. It could be things like you know, America…

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