Security Breach at Gaming Blockchain Ronin: Potential Loss of Millions
According to PeckShield reports, the gaming blockchain Ronin, a sidechain associated with Axie Infinity, is under suspicion for a possible hack, leading to a potential loss of $9.33 million.
This incident follows a significant security breach in March 2022, where an exploit in the Ronin Network resulted in the theft of 173,600 ETH and 25.5 million USDC, resulting in losses exceeding $610 million.
Psycheout, the COO of Ronin, has initiated an investigation into alleged vulnerabilities related to Miner Extractable Value (MEV) reported by ethical hackers. Consequently, Ronin Bridge has been temporarily halted to address these security issues.
In a positive turn of events, Ronin has disclosed that a white hat hacker has returned approximately $10 million worth of ETH. In recognition of their integrity, the white hat hacker will be rewarded with a $500,000 bounty as part of Ronin's Bug Bounty Program.
Ronin has issued an official statement expressing gratitude for the vigilance and honesty of the white hat hackers. The Bug Bounty Program will recognize them with a $500,000 reward. The investigation of the bridge will precede its reopening. Updates will be provided as progress is made on the audit. The plan is to transition the bridge's operation away from the current framework. Collaboration with Ronin validators is underway to develop a new solution, with updates to follow as the project advances.
The Ronin community and supporters have been appreciated for their backing during this time.
*Disclaimer: This content does not constitute investment advice.
