Ronin Network Exploited for 4,000 Ethereum and 2M USDC; Hackers Respond
Adding to the list of ongoing crypto hacks recently, Ronin Network has reportedly been hacked for 4,000 Ethereum and 2 million USDC. According to the details shared by Ronin, the bridge lost a total of $12 million.
Key points:
- Ronin Network was hacked for 4,000 Ethereum and 2M USDC.
- ZachXBT calls Ronin a cursed project.
- The Ronin Bridge was hacked for $600 million in March 2022.
- Ronin Network co-founder posts tweet following the incident.
The nature of the exploit has been revealed now, as on-chain sleuths were debating whether it could be a white-hat hacker.
Also read: SEC Pushes Back on Coinbase’s Document Request
Ronin Network co-founder addresses the exploit
Following the incident, Ronin Network co-founder Pyscheout tweeted that the Ronin Network bridge has been paused following the incident.
Psycheout tweeted: “Ronin bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly. The bridge currently secures over $850M which is safe.”
On-chain sleuth ZachXBT also posted a tweet reply on X stating that Ronin is a cursed project. He reminded the community of the $600 million Ronin Bridge hack in March 2022.
Also read: Binance Contests $86 Million Tax Notice from India: Report
Ronin Network was previously hacked in March 2022 for over $600 million. The exploit went down as one of the largest hacks in history. Details from that hack revealed that the network lost 173,600 Ethereum and 25.5 million USDC.
The Ronin hack gets added to the list of recent crypto hacks, including that of crypto exchange WazirX. Following the incident, the Ronin team negotiated with the attackers, who turned out to be white hat hackers.
Ronin mentioned in their update tweet that the stolen Ethereum has been returned to the Axie team. Ronin tweeted: “We thank the white hats for their vigilance and integrity. The Bug Bounty Program will reward the white hats with a 500 K bounty.”
They also assured that the bridge would undergo an audit before it was reopened.
UPDATE (August 06, 4:30 PM UTC): Added details from Ronin’s incident report about white hat hackers returning the stolen funds. Updated the value of the hacked amount.
