Crash

2024

Ronin

Million

Axie Infinity

Ronin Network, a leading gaming blockchain, has experienced a significant security breach, losing approximately $9.8 million worth of Ether (ETH). This latest exploit underscores the escalating frequency of cryptocurrency hacks in 2024, raising alarms in the crypto community. 
The breach involved the theft of 3,996 Ether tokens, valued at over $9.8 million. Initially, this incident seemed like another chapter in the troubling saga of crypto thefts. However, recent developments suggest the situation might be more nuanced than a simple heist. 
According to PeckShield’s August 6 update, the exploit may have been conducted by a white hat hacker—a type of ethical hacker who identifies and exploits vulnerabilities in crypto protocols to improve security. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfpkhjZp_9nv7KgF3Xa05RZMAwQ4NdE4EUAFSjq2YMAU8xyyQi8ZPgKX5sWlIER0x-gQwCTX4fSQV3pWLFvMLO5M9FGFFbmlHzloeGhDNOUQlknI1AmlrOC2_NARjfsSJqsJutFnOpJngA0MBI7yfP9_Gk3?key=SaTl22Mn6OJhAD2rkMsDdA" alt="AD 4nXfpkhjZp 9nv7KgF3Xa05RZMAwQ4NdE4EUAFSjq2YMAU8xyyQi8ZPgKX5sWlIER0x gQwCTX4fSQV3pWLFvMLO5M9FGFFbmlHzloeGhDNOUQlknI1AmlrOC2 NARjfsSJqsJutFnOpJngA0MBI7yfP9 Gk3?key=SaTl22Mn6OJhAD2rkMsDdA">
 <figcaption class="wp-element-caption">
 Source: <a href="https://x.com/PeckShieldAlert/status/1820769744292872240" target="_blank" rel="noreferrer noopener nofollow">PeckShieldAlert</a>
 </figcaption>
 </figure>
</div> 
White hat hackers typically return the stolen funds once they have demonstrated the flaw. If this proves true, Ronin Network could see a return of $9.8 million. 
Adding a twist to the story, the exploit appears to have involved a maximal extractable value (MEV) bot, a software tool employed by validators to seek arbitrage opportunities across decentralized finance (DeFi) platforms.&nbsp; 
The transaction in question was executed by MEV bot “0x4ab,” which subsequently transferred a portion of the funds, 3.9 Ether tokens, to a wallet known as “0x952” or “beaverbuild.” This incident mirrors a previous exploit in July involving Rho Markets, where an MEV bot was responsible for a $7.6 million breach. Remarkably, the funds were fully recovered within a week. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚨UPDATE🚨 <a href="https://twitter.com/AxieInfinity?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AxieInfinity</a> 's deployer has sent a on-chain message to attacker saying that "Hey, thanks a lot for white hat saving user funds today. Can we chat over Blockscan chat?" at <a href="https://t.co/Dmzm2Iv6Db" target="_blank">https://t.co/Dmzm2Iv6Db</a> Want to keep your company off our alerts radar? Learn how to secure… <a href="https://t.co/nGCsWvAdM2" target="_blank">https://t.co/nGCsWvAdM2</a>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1820777048387858724?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 6, 2024</a>
 </blockquote> 
 </div>
</figure> 
The Ronin exploit’s connection to an MEV bot was further corroborated by a message from the Axie Infinity contract deployer, expressing gratitude to the hacker for safeguarding user funds. The message read, “Hey, thanks a lot for white hat saving user funds today. Can we chat over Blockscan chat?” 
While the full details are still unfolding, this incident highlights the dual-edged nature of MEV bots in the crypto ecosystem. While they can drive innovation and efficiency, their potential to inadvertently exploit vulnerabilities remains a critical concern for blockchain security.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/05/hackers-exploit-crypto-market-crash-to-buy-40-million-ether/" target="_blank" rel="noreferrer noopener">Hackers Exploit Crypto Market Crash to Buy Discounted $40 Million Ether</a> 
</blockquote>

White Hat Hacker Suspected in $9.8 Million Ronin ETH Exploit

The Crypto Times

Other articles published on Aug 6, 2024

NAVI Pro Launch - A New Generation of Liquidity Management on Sui

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

BTC Rebounds After Brutal Sell-Off Amid Japan Sell-Off

Top 3 Altcoins That Are Rising Even in Bear Market: Algotech, Dymension, and Notcoin

Arthur Hayes Says Crypto Crash Isn’t Over, Sees Second Wave Coming As “TradFi Over-Leveraged Mupp...

Sui Sets The Standard for Blockchain Speed with New Mainnet Consensus Mechanism (6 Aug)

Join our free newsletter for daily crypto updates!