According to PeckShield this morning, gaming blockchain Ronin, a sidechain of Axie Infinity, is suspected to have been hacked, with a potential loss of $9.33 million.
This incident follows a major security breach in March 2022, where a vulnerability in the Ronin Network led to the theft of 173,600 ETH and 25.5 million USDC, causing losses exceeding $610 million.
Psycheout, Ronin's COO, announced an investigation into reports of potential MEV (Miner Extractable Value) vulnerabilities from white hat hackers. As a result, Ronin Bridge has been temporarily suspended to address these security concerns.
In a positive development, Ronin announced that the white hat hacker returned approximately $10 million worth of ETH. For their honesty and attentiveness, the white hat hacker will receive a $500,000 bounty as part of Ronin's Bug Bounty Program.
Ronin released an official statement, saying:
“Approximately $10 million worth of ETH has been refunded and we expect USDC to be refunded later today as well. We thank white hat hackers for their vigilance and honesty. The Bug Bounty Program will reward white hat hackers with $500 thousand. The bridge will undergo an inspection before reopening. We will provide updates as we make progress on this audit. We aim to move the operation of the bridge away from the existing structure. We will be working on a new solution together with Ronin validators and will provide updates on this as the work progresses. “We thank the Ronin community and our allies for their support today.”
*This is not investment advice.