Hackers allegedly breached gaming-focused blockchain platform Ronin Network last week and looted tokens now cumulatively valued at more than $600 million, marking it the second-biggest hack ever in the rapidly growing cryptocurrency eco systems.

“There has been a security breach,” Ronin company, an Ethereum-linked blockchain platform for non-fungible token-based video game Axie Infinity, wrote in a blog post on Tuesday. The platform discovered the attack after a user reported being unable to withdraw 5,000 Ethereum tokens, worth $17 million, from the network on Tuesday morning.

The heist was the second-biggest hack ever, based on the value of the cryptocurrency at the time of the attack – about $540 million. Only a $600 million hack of blockchain-based platform Poly Network in August 2021 was larger by scale: those funds back then were ultimately retrieved after a slew of crypto exchanges and blockchain firms started tracking identity clues on the blockchain. This time around that might be the case too, but the current investigation is underway.

Let’s remind, that unidentified individuals stole 173,600 ether tokens and 25.5 million USD coins — worth nearly $620 million on Tuesday. They were drained from its platform after an attacker used hacked private keys to forge two fake withdrawals by exploiting a vulnerability in Wormhole, a Web-based service that allows inter-blockchain transactions. Wormhole lets people move digital coins tied to one blockchain over to a different blockchain; such blockchain bridges are frequently used in DeFi services operating on two or more chains, often with profoundly different protocols, rules, and processes.

Our first take: It looks sort of strange that the Wormhole (https://wormhole.app) keeps low profile on commentaries about the ongoing events. They are apparently in the epicenter of this episode, and need to talk to the crypto community. They wrote on their Website “Every design decision in Wormhole begins with the safety and privacy of your data in mind. We can’t read your files, and no one else can either. Privacy isn’t an optional mode — it’s just the way that Wormhole works.” Now it’s the right time to prove the fairness of their words.

Our second take: Unfortunately, this isn’t the first episode when crypto hackers penetrate between the crypto bridges and eco systems. The systems themselves are pretty much secure, because they are developed by in-house top paid programmers who bear responsibility for completeness and self-protection of their own platforms and their immediate environments. The incident clearly provokes a long overdue and very serious discussion on whose authority and responsibility is to keep an eye on the security of the vital blockchain communications. This pretty much resembles the whole idea behind the existence of SRA (self regulated authority) in other, sometimes very distant, financial and investment domains. In other words, it’s probably the right time when a blockchain SRA has to be established and funded by the largest crypto networks, because it is in their best interest.