Key takeaways:
- Ronin Network Ronin Network suffered a major attack on the 6th of August that resulted in the theft around $9.8 million in ETH and two million dollars in USDC.
- As a response to uncovered vulnerability In response to the exploit being discovered, the Ronin Network team promptly paused the bridge in order to prevent any further loss.
- This incident is the latest in network’s history of troubles, including the devastating $600 million hack in the month of March 2022.
The Truth About Ronin Network’s Crypto Loss
On the 6th of August on the 6th of August, The Ronin Network faced another massive attack, which resulted in the theft of $9.8 Million in Ether (ETH) along with $2 million in USD Coin (USDC). The incident adds to the experience of mishaps. It has seen a $600 million hack in the month of March in 2022.
At the time of writing, ETH price was trading at $2,462.29 following an intraday rise of 10.05 percent, with $296,494,774,683 as market cap and $36,145,040 in 24-hour volume. USDC was likewise trading at $1.00 with $33,994,261,106 as market cap and $14,956,843,549 24 hour volume.
According to the on-chain analytics tracker PeckShield Alert, two suspicious transactions were discovered by the Ronin bridge. The platform has shared the information over the X.
The first transaction was the transfer of 3,996 ETH worth around $9.86 Million. The second one saw more than 2 million USDC tokens being moved. As a result of the detected flaw the Ronin Network team promptly paused the bridge to avoid any further loss. Co-founder and COO of Axie Infinity and Ronin Network, Alexander Larsen pointed out the issue.
According to Larsen the bridge has been stopped to investigate a complaint from whitehats concerning a possible maximum extractable value (MEV) exploit. Larsen said that the bridge is currently secured more than $850 million, and remains secure.
Discussions and previous incidents
While the investigation is in progress, some market analysts speculate that the incident could be a whitehat hack which is where hackers who are ethical identify and report weaknesses to benefit protect the network. But there is no official confirmation that has been offered to the organization.
The crypto sleuth ZachXBT exposed the network’s troubled background, which included the $600 million hack in 2022 as well as an attack on the cryptocurrency market of $10 million that involved the co-founder Jeff “Jihoz” Zirlin’s accounts.
In addition to a note of optimism it appears that the attack was due to the MEV bot, which is a software tool that validaters use to evaluate arbitrage opportunities within the decentralized financial system (DeFi). This MEV bot “0x4ab” completed the $9.8 Million transaction over Ronin bridge. Ronin Bridge and later transferred only a portion of the money to a wallet “0x952 .
Conclusion
Ronin Network Ronin Network experienced another significant attack on the 6th of August which resulted in the loss of around $12 million in USDC and USDC. This attack follows a string of security breaches that included the hack that cost $600 million in March 2022. The company immediately halted its bridge to avoid further losses. It is also studying the attack which could be a result of the use of an MEV bot.
