The post 3,996 ETH and 1.9M USDC Stolen and Returned from Ronin Network appeared on BitcoinEthereumNews.com.

Year 2024 is getting very tough for the crypto ecosystem. The global market crash and the crypto hacks are affecting digital currencies. In the series of crypto hacks, Ronin Bridge faced a significant exploit, losing around $12 million worth of cryptocurrency. Such exploits highlight ongoing security challenges in the blockchain world. Details of Lost Funds Ronin Network, a popular gaming blockchain, lost 3,996 Ethereum tokens in the hack. The attacker also took 1,998,046.875 USDC. They later converted this to 796.411 ETH ($2,004,520) on Uniswap. The attacker sent 3.996 ETH of the stolen funds to BeaverBuild. Source : EtherScan Real Hack or Help? Blockchain security firm PeckShield suggested that this could be the work of a white hat hacker. These ethical hackers expose vulnerabilities to improve security. They often return the stolen assets. If this is the case, Ronin Network could see the return of funds once they address the security flaws. Source : X(formerly Twitter) The Role of MEV Bots An MEV (Maximal Extractable Value) bot named “0x4ab” appears to be involved in the exploit. MEV bots help validators find arbitrage opportunities in the DeFi world. However, these bots can sometimes exploit loopholes unintentionally. According to experts, this is the case in Ronin exploit as well. Rising Crypto Hacks in 2024 Cryptocurrency hacks have been on the rise this year. Hackers stole $542.7 million worth of funds in the first quarter of 2024 alone. This marks a 42% increase compared to the same period in 2023. July, in particular, recorded a huge number of exploits. There were 16 crypto hacks that targeted DeFi, bridges, and crypto exchanges. Over $266 million worth of cryptos were lost in these hacks. The hack involving the Indian cryptocurrency exchange WazirX is the biggest of all. An unknown hacker stole $230 million. The hacker later…

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Filed under: News - @ August 7, 2024 4:18 am