• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Ronin Network Hacked Again, Losing $11.33 Million

user avatar

by Giorgi Kostiuk

2 years ago

  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ethereum Research Proposal Puts Staking Economics in Focus

chest

A proposal titled Validator Redirected Revenue aims to address funding for public goods in the Ethereum ecosystem.

user avatarKofi Adjeman

Farside Investors Emphasizes Strict Editorial Standards

chest

Farside Investors has released a report that emphasizes its commitment to a strict editorial policy focused on accuracy, relevance, and impartiality.

user avatarNguyen Van Long

Meta is Set to Launch a New Prediction Market App Named 'Arena'

chest

Meta is reportedly developing a new app called Arena that will allow users to make predictions on events using points instead of real-world cash.

user avatarJesper Sørensen

Meta's Previous Ventures into Crypto and Prediction Markets

chest

Meta has a history of engaging with crypto technologies, including its previous attempt at a prediction market with the Forecast app, which was launched in 2020 and shelved in 2022.

user avatarSatoshi Nakamura

TurboFlow Secures $6 Million Seed Funding from Pantera Capital

chest

TurboFlow has successfully raised $6 million in a seed funding round led by Pantera Capital, indicating strong investor interest in platforms that integrate prediction markets and trading infrastructure.

user avatarRajesh Kumar

Securitize and tZERO Enter Legal Battle Over Tokenized Securities

chest

Securitize and tZERO are currently engaged in a legal dispute in Delaware concerning the infrastructure for tokenized securities.

user avatarLucas Weissmann

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.