The Ethereum Layer-2 Ronin Bridge has reportedly been hacked, with two suspicious transactions indicating the theft of $12 million in crypto assets.
This hack is a significant setback for the Ronin Network, leading to the loss of about $12 million in Ethereum (ETH) and USD Coin (USDC). This incident adds to the troubled history of the network, which previously experienced a massive $600 million hack in March 2022.
Ronin Bridge Hack: $12 Million Stolen in Suspicious Transactions
According to Peck Shield Alert, an on-chain analytics tracker, two suspicious transactions were detected on the Ronin Bridge. The first transaction involved the movement of 3,996 ETH, valued at around $9.86 million at the time. The second transaction saw nearly 2 million USDC tokens being shifted.
These transactions brought the total stolen amount to $12 million, prompting immediate action from the Ronin Network team. In response to the detected exploit, the Ronin Bridge was promptly paused to prevent further losses.
Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, addressed the situation on X. He stated, “The Ronin Network 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.”
Ronin Network Faces Another Security Breach: $12 Million Stolen
The latest breach adds to a series of security incidents plaguing the Ronin Network. Crypto sleuth ZachXBT highlighted the network’s troubled history, drawing attention to the $600 million hack in 2022. He also underscored the breach of Axie Infinity and Ronin Network co-founder Jeff “Jihoz” Zirlin’s wallets, which resulted in a $10 million crypto hack.
As the investigation into the Ronin Bridge hack unfolds, some market experts speculate that the current incident may be a whitehat hack, where ethical hackers identify and report vulnerabilities to help secure the network. However, no official confirmation has been provided regarding the nature of the hack. Additionally, Larsen’s comment clearly signals an MEV exploit and rejects the involvement of whitehats.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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