In a significant blow to the Ronin Network, the blockchain bridge has reportedly been hacked. It has resulted in the theft of approximately $12 million in Ethereum (ETH) and USD Coin (USDC). The Ronin bridge hack marks yet another chapter in the troubled history of the network, which previously suffered a devastating $600 million hack in March 2022.

Ronin Bridge Hack Details

According to a post by Peck Shield Alert, an on-chain analytics tracker, two suspicious transactions were detected on the Ronin bridge. The first transaction involved the movement of 3,996 ETH, valued at around $9.86 million at press time. Moreover, the second transaction saw the shifting of nearly 2 million USDC tokens.

These transactions raise the total stolen amount to $12 million, prompting immediate action from the Ronin Network team. In response to the detected exploit, the Ronin bridge was promptly paused to prevent further losses.

Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, addressed the situation on X. He stated, “The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly. The bridge currently secures over $850M which is safe.”

The latest breach adds to a series of security incidents plaguing the Ronin Network. Crypto sleuth ZachXBT highlighted the network’s troubled history. He spotlighted the $600 million hack in 2022. Moreover, he underscored the breach of Axie Infinity and Ronin Network co-founder Jeff “Jihoz” Zirlin’s wallets that resulted in $10 million crypto hack.

As the Ronin bridge hack investigation unfolds, some market experts speculate that the current incident may be a whitehat hack, where ethical hackers identify and report vulnerabilities to help secure the network. However, no official confirmation has been provided regarding the nature of the hack. Moreover, Larsen’s comment clearly signals an MEV exploit and rejects the involvement of whitehats.

The post Breaking: Ronin Bridge Faces Hack With $12M Ethereum, USDC Stolen appeared first on CoinGape.

---

Filed under: News - @ August 6, 2024 11:13 am