Key Takeaways:
- Ronin Network lost 3,996 Ether tokens, valued at $9.8 million, due to an exploit.
- The attack, possibly by a white hat hacker, highlights a rise in cryptocurrency hacks in 2024.
- The exploit was executed by an MEV bot, with part of the funds sent to another address.
Ronin Network has experienced a significant exploit, losing 3,996 Ether tokens valued at $9.8 million.
The incident, part of a troubling rise in cryptocurrency hacks in 2024, might involve a white hat hacker.
#PeckShieldAlert @Ronin_Network #whitehacked? or Hacked? (w/ ~ $9.33M) pic.twitter.com/wfaY0zhVdI
— PeckShieldAlert (@PeckShieldAlert) August 6, 2024
According to PeckShield, such ethical hackers identify vulnerabilities and return stolen funds after demonstrating security flaws.
The exploit was carried out by a maximal extractable value (MEV) bot, specifically “0x4ab,” which unintentionally exploited a protocol loophole.
This bot sent a small portion of the funds to “0x952” or “beaverbuild.”
The @Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit.
— Psycheout.ron (@Psycheout86) August 6, 2024
We will follow up with more information shortly.
The bridge currently secures over $850M which is safe https://t.co/lUjIIgb1DD
In July, MEV bots were also linked to a $7.6 million Rho Markets exploit, with all funds recovered within a week.
The surge in crypto hacks in 2024 includes a notable $230 million theft from WazirX, making July particularly damaging with over $266 million lost across 16 attacks.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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