As a seasoned researcher who has witnessed the rollercoaster ride that is the cryptocurrency market, I can’t help but feel a sense of deja vu with this latest Ronin Bridge hack. The $12 million loss is undeniably concerning and adds to the network’s growing list of security incidents. It seems like every time I turn around, there’s another shocking headline about Ronin Network.
A major setback has struck the Ronin Network as reports indicate their blockchain bridge has allegedly been breached. This incident is estimated to have led to the theft of around $12 million worth of Ethereum (ETH) and USD Coin (USDC). The latest hack on the Ronin bridge adds another challenging episode to the network’s already turbulent past, with a massive $600 million heist that occurred in March 2022.
Ronin Bridge Hack Details
As reported by Peck Shield Alert in a recent post, their on-chain analytics system identified two potentially questionable transactions on the Ronin bridge. The initial transaction involved the transfer of approximately 3,996 ETH, equivalent to around $9.86 million at the current exchange rate. Furthermore, the second transaction entailed the relocation of nearly 2 million USDC tokens.
The accumulated thefts boosted the overall sum to twelve million dollars, triggering an immediate response from the Ronin Network’s team. Upon discovering the security breach, the Ronin bridge was swiftly halted to avert any additional damages.
As a crypto investor, I’m currently navigating the situation regarding the Ronin Network bridge. According to Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, they have temporarily halted the bridge while investigating a report from ethical hackers (whitehats) about a potential MEV exploit. rest assured, I’ll share more details as soon as they become available. At present, the $850M secured by the bridge remains safe.
The recent security issue further escalates a string of incidents affecting the Ronin Network, as pointed out by cryptocurrency investigator ZachXBT. He drew attention to the network’s turbulent past, mentioning the massive $600 million hack from this year and the breach of Axie Infinity and co-founder Jeff “Jihoz” Zirlin’s wallets, which led to a $10 million crypto theft.
In the ongoing investigation into the Ronin bridge hack, some market analysts are wondering if this might be a case of white-hat hacking – where ethical hackers find and disclose system weaknesses to improve network security. But so far, there’s no official word on the type of hack that occurred. However, Larsen’s statement seems to point towards a MEV (Maximal Extractable Value) exploit, ruling out any involvement of white-hat hackers in this incident.
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2024-08-06 14:15