Value

Uniswap

Impact

Ronin

USDC

<ul>
 <li>Ronin Network's second hack in two years siphoned over $11 million, raising security concerns within the crypto community.</li>  
 <li>The latest Ronin hack involved a Maximal Extractable Value bot withdrawing $11.33 million in ETH and USDC from Ronin Bridge.</li>  
 <li>Sky Mavis paused Ronin operations to investigate the hack, assuring users that $850 million in assets are safe.</li> 
</ul>  
<p>Ronin Network, the Ethereum Virtual Machine blockchain for play-to-earn games, just experienced its second major attack in around two years. Exploiters took more than $11 million from the protocol.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/PeckShieldAlert/status/1820769744292872240
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<p>According to <a href="https://peckshield.com/" target="_blank" rel="noopener noreferrer nofollow">PeckShield</a>, a blockchain security business, a Maximal Extractable Value (MEV) bot withdrew Ether (ETH) and USD Coin (USDC), valued at $11.33 million, from the network's Ronin Bridge. The firm speculated on whether the transactions were executed by exploiters or whitehat hackers.</p>  
<h3 class="wp-block-heading" id="h-details-of-the-latest-hack"><strong>Details of the Latest Hack</strong></h3>  
<p>In the first transaction, 4,000 ETH worth $9.33 million left the Ronin Bridge to the MEV bot address. In the second transaction, the MEV bot withdrew approximately $2 million worth of USDC. On Uniswap V3, a <a href="https://cryptonewsland.com/jupiter-dex-embraces-blinks-unveiling-the-future-of-decentralized-exchanges-will-jup-set-a-new-ath/" target="_blank" rel="noopener noreferrer nofollow">decentralized exchange</a>, the bot then exchanged it for 796 Wrapped WETH.</p>  
<p>Aleksander Leonard Larsen, the co-founder and chief operational officer of Sky Mavis, disclosed that the protocol's staff had stopped working soon after PeckShield's notice. They are investigating a report from whitehat hackers about a potential MEV exploit.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/Psycheout86/status/1820771028420739140
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<p>Larsen assured that the Ronin Bridge holds more than $850 million in cryptocurrencies and that all assets are safe. More information will be available after the team completes an in-depth analysis.</p>  
<h3 class="wp-block-heading" id="h-historical-context-and-previous-incidents"><strong>Historical Context and Previous Incidents</strong></h3>  
<p>This latest attack has stirred concerns in the crypto community. They fear a repetition of the incident that shook the network two years ago. In March 2022, Ronin Network fell victim to the largest <a href="https://cryptonewsland.com/crypto-hackers-capitalize-on-market-crash-to-purchase-ethereum-with-stolen-funds/" target="_blank" rel="noopener noreferrer nofollow">crypto hack</a> ever, losing roughly $620 million in ETH and USDC due to compromised validator nodes.</p>  
<p>Besides, Sky Mavis had offered a $1 million bug bounty in exchange for the funds. However, the attackers revealed to be the notorious North Korean <a href="https://www.justice.gov/opa/pr/north-korean-government-hacker-charged-involvement-ransomware-attacks-targeting-us-hospitals#:~:text=%E2%80%9CNorth%20Korean%20hackers%20developed%20custom,G.%20Olsen%20of%20the%20Justice" target="_blank" rel="noopener noreferrer nofollow">hacking</a> entity Lazarus Group, spread the stolen stash across centralized exchanges, the Bitcoin network, and the crypto mixer Tornado Cash.</p>  
<h3 class="wp-block-heading" id="h-impact-and-future-implications"><strong>Impact and Future Implications</strong></h3>  
<p>The Ronin Network suffered a hit after the incident. Consequently, it struggled to reimburse affected users. Three months after the attack, the project restarted the bridge, implementing a hard fork that required network validators to update their software.</p>  
<p>If the current Ronin hacker proves to be a whitehat hacker, users could get their funds back. However, if not, this will be another loss for crypto investors. In February 2024, wallets belonging to Jeffrey Zirlin, co-founder of Sky Mavis, were hacked for $9.7 million worth of ETH. This raises more concerns about the security of the Ronin Network.</p> 
<p>The post <a href="https://cryptonewsland.com/ronin-network-hit-with-11m-hack-is-the-new-attack-another-blow-or-a-whitehat-rescue/" rel="noopener noreferrer nofollow">Ronin Network Hit with $11M Hack: Is the New Attack Another Blow or a Whitehat Rescue?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ronin Network Hit with $11M Hack: Is the New Attack Another Blow or a Whitehat Rescue?

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