Ronin Bridge Exploit of $10 Million Caused by Faulty Upgrade Script — Verichains

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Cause of the Vulnerability
  2. How the Attack Happened
  3. Consequences and Resolution


    4. The $10 million Ronin bridge exploit on August 6 was caused by a faulty upgrade deployment script, according to blockchain security firm Verichains.

    Cause of the Vulnerability

    The upgrade reduced the voting threshold for validators to zero, allowing any user to withdraw from the bridge without a signature. Verichains states that the error occurred due to the incorrect initialization of the totalWeight variable.

    How the Attack Happened

    The attacker attempted to exploit this flaw but was front-run by an MEV bot, which actually carried out the attack, probably unintentionally. The bot’s owner later returned most of the funds to the Ronin team.

    Consequences and Resolution

    Verichains’ analysis reveals the risks of interacting with upgradeable smart contracts. The network could have lost the full amount had the attacker paid more in gas and thus avoided the front-run.

    Due to the faulty upgrade script, Ronin bridge users were able to withdraw funds without validator signatures. This incident highlights the potential risks when dealing with upgradeable smart contracts.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Arbitrum Engages European Financial Institutions on Blockchain Infrastructure

Arbitrum representatives presented the network's infrastructure and revenue model to European financial institutions managing substantial assets, discussing its commercial potential and the value of blockchain services.

user avatarFilippo Romano

Grayscale Partners with Republic to Launch Specialized Crypto Funds

Grayscale and Republic have launched three specialized cryptocurrency funds with a minimum investment of $2,500 for accredited investors, focusing on decentralized finance, artificial intelligence, and blockchain data infrastructure.

user avatarEmily Carter

Deutsche Bank to Launch Institutional Digital Asset Custody Services

Deutsche Bank is set to introduce digital asset custody services for institutional clients in Germany, marking a significant step in integrating cryptocurrencies into mainstream finance.

user avatarTomas Novak

Cryptocurrency Scammer Loses 60 BTC Due to Compromised Hardware Wallets

A cryptocurrency scammer lost approximately 60 BTC, valued at around 48 million, after depositing funds into compromised hardware wallets.

user avatarKaterina Papadopoulou

Solana Accelerate Event in Shanghai Postponed Due to Overcapacity

The Solana Accelerate event in Shanghai was postponed due to exceeding venue capacity.

user avatarMaya Lundqvist

Coinbase Urges Bitcoin Ecosystem to Prepare for Quantum-Resistant Security

Coinbase is urging the Bitcoin ecosystem to prepare for quantum-resistant security measures to address potential threats from quantum computing.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.