• 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

a year 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

Unverified Claims Surround Ralph Sosa's Goblin Story Release

chest

Reports about Ralph Sosa releasing a Goblin story for Lunar New Year lack verification and credible sources.

user avatarMaria Gutierrez

Emergence of Proof of Presence Protocols in the Global Economy

chest

A new standard for value is emerging through the integration of Augmented Reality and physical engagement, shifting the global economy towards Proof of Presence.

user avatarDavid Robinson

Introduction of Bitcoin Everlight to the Ecosystem

chest

Bitcoin Everlight is introduced as a lightweight transaction routing layer that enhances Bitcoin's transaction capabilities without altering its core protocol.

user avatarArif Mukhtar

Looking Ahead: Future Plans for NSDQ ETF COIN

chest

Kaloyan Iliev outlines future goals for NSDQ ETF COIN, including public trading launch, compliant exchange listings, and a peer-to-peer exchange feature to enhance investment options.

user avatarAndrew Smith

Cyprus Emerges as a Web3 Hub After Banking Crisis

chest

Cyprus has transformed into a preferred hub for Web3 startups and cryptocurrency businesses, developing a regulatory framework that attracts teams seeking stability.

user avatarSon Min-ho

Cyprus Banking Crisis Sparks Cryptocurrency Adoption

chest

In March 2013, Cyprus faced a severe banking crisis that led to the shutdown of banks and frozen accounts, causing a complete loss of trust in traditional banking systems. This crisis forced citizens to seek alternatives, leading to a significant shift towards cryptocurrency as a reliable means of financial control.

user avatarAyman Ben Youssef

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.