Binance temporarily suspends trading on the Ronin Network

We had already mentioned that a few days ago the Ronin Network (RON) had suffered an attack in which around 600 million dollars were stolen. The network had such a significant security breach that today, Binance announced that it was suspending all withdrawals from this network.

This news was given by Binance itself through a statement on the platform. This is a measure that can directly affect the price of the currencies of this network, that is, SLP and AXS.

Binance is collaborating with Sky Mavis to find the funds

As it was learned, thanks to the same statement, Binance would be working together with Sky Mavis to try to find the whereabouts of the person in charge. In fact, the company has blocked some addresses that could be hackers.

One of the actions Binance has taken is to pause WETH (Wrapper Ether) withdrawals. The purpose of this is to watch for transactions that are unusual. Once the network has been determined to be stable and secure, the platform will re-enable transactions in both RON and WETH.

The company also took the opportunity to remind users that cryptocurrency transactions are high risk. So it has invited its users to be cautious when making transactions. He has also recalled that Binance is not responsible for any trading losses that may be incurred.

What action has Sky Mavis taken?

The company has seen the need to apply some immediate measures in order to try to mitigate the effects of the theft. Among the measures that have been applied to achieve this we have the following:

• Increase the threshold of the validator.

• The temporary stop of Ronin Bridge.

• It has been temporarily disabled from Katana DEX.

The main goal behind the measures is to prevent a cryptocurrency sell-off, which could lead to a huge drop in the coins. These measures can annoy many users, however, it is for the good of the game.