Gushiken Yona
The Ronin Network bridge, a crucial bridge safeguarding over $850 million in assets, has been temporarily suspended following reports of a potential $11 million exploit.
“The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit,” Aleksander Larsen, Ronin co-founder, chairman, and COO of Axie Infinity, Ronin Network, and Sky Mavis, said in an X post. “We will follow up with more information shortly. The bridge currently secures over $850M which is safe,” the executive added.
Blockchain security firm PeckShield was the first to raise the alarm, detecting suspicious activity involving approximately $9.33 million. The firm subsequently shared detailed transaction data, including a visual breakdown of the alleged exploit. These images reveal a complex operation, involving an MEV bot securing 4,000 ETH and subsequent fund transfers.
The images shared by Peckshield offer a detailed breakdown of the whitehat operation. One image illustrates the MEV bot’s transaction securing 4,000 ETH, while another depicts the subsequent swap transaction. The final image provides a snapshot of the wallet’s balance and transaction history.
Prominent blockchain investigator ZachXBT expressed his concerns on X, saying, “Axie/Ronin is a cursed project I swear. – Ronin bridge $600M hack March 2022 – Axie/Ronin co-founder $9.7M hack February 2024 – Now this bridge incident.”
The incident has reignited concerns about the security of blockchain platforms, particularly those handling substantial amounts of value. The Ronin Network has a history of security breaches.
In March 2022, the platform suffered a catastrophic $600 million hack, one of the largest in crypto history. This incident involved the theft of 173,600 ETH and $25.5 million USDC through a compromise of five validator keys. Adding to its security woes, a separate incident in February 2023 saw wallets belonging to Axie Infinity co-founder Jeffrey Zirlin drained of $9.7 million worth of Ether.
This is a developing story.
The Shib Daily has reached out to Ronin Network and Aleksander Larsen seeking official comment on the matter. This article will be updated when any comments or statement are received..
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
