Ronin Network Hacked Again, Losing $11.33 Million

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. PeckShield Discovers Exploit
  2. Ronin Network's Response
  3. MEV Bot Involvement


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

    PeckShield Discovers Exploit

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

    #PeckShieldAlert @Ronin_Network #whitehacked? or Hacked? (w/ ~ $9.33M)

    Ronin Network's Response

    Following the alert, 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 while the team investigated the breach.

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

    MEV Bot Involvement

    The exploit appears to have been facilitated by an MEV bot, specifically "0x4ab," which accidentally exploited a loophole in the Ronin Bridge protocol. Blockchain data reveals that the MEV bot "0x4ab" executed the transaction, withdrawing a substantial amount of funds. A portion of the funds, about 3.9 Ether, was sent to a wallet known as "beaverbuild."

    This isn't the first time Ronin has been compromised. In March 2022, the network suffered a massive loss of over $615 million in USDC and Ether due to an exploit involving hacked private keys used to forge fake withdrawals from the Ronin Bridge.

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

Ripple Prime Expands Institutional Trading with New Derivatives Access

Ripple Prime introduces access to perpetual derivatives referencing traditional assets for eligible institutional clients.

user avatarNguyen Van Long

Pirate Chain Developers Report Major Vulnerability

Pirate Chain developers disclosed a significant vulnerability leading to the creation of approximately 398 million unauthorized ARRR tokens, raising urgent questions about network supply and trust.

user avatarSatoshi Nakamura

Crypto King Aiden Pleterski Faces Criminal Charges Over Misuse of Investor Funds

A Canadian court hears evidence that Aiden Pleterski misused investor funds for personal expenses.

user avatarJesper Sørensen

BinanceUS Seeks $100 Million in Fundraising Round

BinanceUS is reportedly pursuing a $100 million fundraising round at a valuation of approximately $1 billion to strengthen its position in the American cryptocurrency market.

user avatarRajesh Kumar

Consulting Arrangement Raises Questions About Tether and Bo Hines

A reported $63 million consulting arrangement between Tether and Nxum, linked to former White House adviser Bo Hines, has sparked concerns over potential conflicts of interest.

user avatarLucas Weissmann

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

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.