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Ronin Network Recovers $12 Million from Bridge Exploit
Ronin bridge hit with another exploit, this time by security researchers.
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Ronin Network, the home of Axie Infinity and a growing stable of non-Axie games, has successfully recovered the majority of assets taken in a recent bridge exploit.
What's the scoop?
- The bridge connecting Ethereum to the Ronin sidechain was attacked early Tuesday, resulting in the loss of approximately $12 million worth of assets. The incident was quickly identified as a potential "MEV exploit" by researchers.
- Ronin's team paused the bridge within 40 minutes of the first onchain activity. By late Tuesday morning, all the ETH (about $10 million) was returned, with the remaining USDC expected to follow.
- The exploit was attributed to a recent bridge upgrade that introduced an issue, causing a misinterpretation of withdrawal thresholds. The Ronin team announced that the bridge code will undergo thorough audits before it is reactivated.
- White hat hackers who helped in identifying and resolving the exploit will receive a $500,000 reward. Ronin also plans to revise the bridge's operational structure to enhance security.
- This incident follows a major hack in March 2022, where $622 million was stolen from the Ronin bridge, and a smaller $9.5 million theft in February 2024.
Bankless take:
This latest Ronin bridge incident underscores the persistent security challenges facing blockchain networks, especially those involving crosschain operations. Despite these hurdles, the swift recovery of assets demonstrates the growing effectiveness of rapid response and collaboration within the crypto community. Strengthening security protocols and maintaining vigilant oversight will be key in preventing these types of exploits going forward.