Ronin Network Faces Second Major Hack: $11 Million Stolen

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Hack Discovery
  2. Ronin Network's Response
  3. MEV Bot Involvement


    4. The Ronin Network, known for its play-to-earn games, has been hacked again. This time, over $11.33 million was siphoned off, marking the second significant hack in two years.

    Hack Discovery

    The breach was first reported by blockchain security firm PeckShield. They revealed that an MEV bot withdrew Ether (ETH) and USD Coin (USDC) worth $11.33 million from the Ronin Bridge.

    "Ronin Bridge compromised? or Hacked? (with $9.33M)"PeckShieldAlert, August 6, 2024

    Ronin Network's Response

    Following the alert, the Ronin Network paused its operations. They confirmed the bridge was paused 40 minutes after the first on-chain action was detected to prevent further exploitation. The team started investigating the breach.

    "Earlier today, we were notified by white-hats about a potential exploit on the Ronin bridge."X Post

    MEV Bot Involvement

    The exploit appears to have been facilitated by an MEV bot, which accidentally exploited a loophole in the Ronin Bridge protocol. MEV bots analyze and execute arbitrage opportunities across decentralized finance platforms. In this case, the bot withdrew a substantial amount of funds, with a portion sent to a wallet known as 'beaverbuild.' Sky Mavis co-founder Aleksander Leonard Larsen assured users that all assets are currently safe, and the team is investigating the breach.

    This is not the first time Ronin has been compromised. In March 2022, the network lost over $615 million. The attacker exploited a backdoor through the gas-free RPC node, bypassing the network's security measures.

Tier I

Sector: #18291

Sealed Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

OpenAI Claims to Solve Navier-Stokes Equations Amid Controversy

chest

OpenAI announced on September 8, 2026, that it has solved the Navier-Stokes equations, a significant problem in mathematics, but faces criticism from NYU mathematician Tristan Buckmaster regarding the originality of the solution.

user avatarTenzin Dorje

Cronos Reverses Transactions to Mitigate Exploit Damage

chest

Cronos blockchain network rolled back nearly two hours of transaction history to recover funds after a significant exploit of the Tectonic lending protocol.

user avatarBayarjavkhlan Ganbaatar

MEXC Introduces Opportunity Compass for Enhanced Market Understanding

chest

MEXC has launched Opportunity Compass, an educational initiative aimed at helping users understand both crypto and traditional financial markets.

user avatarMohamed Farouk

MEXC Introduces Opportunity Compass for Crypto Education

chest

MEXC has launched Opportunity Compass, an initiative aimed at educating cryptonative users about global markets and financial opportunities.

user avatarElias Mukuru

Zoomex Highlights Market Volatility Amid Economic Shifts

chest

Zoomex highlights its platform's capabilities during a week of sharp market volatility driven by economic data, enabling traders to respond in real-time.

user avatarDiego Alvarez

Tesla Faces Regulatory Scrutiny, Stock Drops

chest

Tesla's shares fell 6% following a new investigation into its autonomous vehicle technology by the National Highway Traffic Safety Administration, highlighting the impact of regulatory scrutiny on the stock market.

user avatarMaria Fernandez

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.