Ronin Network Hacked Again, Losing $11.33 Million

by Giorgi Kostiuk

2 years ago

Made with AI

PeckShield Discovers Exploit
Ronin Network's Response
MEV Bot Involvement

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.

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