DeFi

Ronin

Coin

<ul class="news-points wp-block-list" "wp-block-list"> 
 <li>Ronin Network bridge paused after $9M whitehat hack, raising concerns about DeFi platform security.</li> 
 <li>White hat hackers exposed a vulnerability, leading to the suspension of Ronin’s $850M-secured bridge.</li> 
 <li>Despite the breach, Ronin’s RON tokens increased by 7.4% amid broader market rise.</li> 
</ul> 
The Ronin Network bridge has been temporarily paused following reports of a potential MEV exploit. The Ronin bridge, a crucial tool for transferring tokens between different blockchains, currently secures over $850 million in cryptocurrency assets. 
However, $9 million was recently drained from the platform in what appears to be a whitehat hack, raising significant concerns about the safety of <a href="https://coinedition.com/aave-rakes-in-6m-overnight-defis-big-win/">DeFi platforms</a>. 
Early Tuesday, Ronin’s co-founder announced the bridge’s suspension in an X (formerly Twitter) post. The post stated that whitehats had identified a potential MEV exploit, prompting the precautionary measure. MEV, or Miner Extractable Value, refers to the potential profit that miners or validators can extract by reordering or censoring transactions within a block. This mechanism can be exploited to manipulate the system for financial gain. 
<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">
 The <a href="https://twitter.com/Ronin_Network?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@Ronin_Network</a> bridge has…
 </blockquote>
 </div>
</figure>
The post <a href="https://coinedition.com/ronin-bridge-exploit-white-hat-hack-or-malicious-attack/">Ronin Bridge Exploit: White Hat Hack or Malicious Attack?</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Ronin Bridge Exploit: White Hat Hack or Malicious Attack?

Coin Edition

Other articles published on Aug 7, 2024

Dogecoin Skyrockets Jaw-Dropping 1.3 Billion DOGE in Crucial Whale Metric

3-Year Dormant Wallets Linked to PlusToken Scam Move $2B in Ethereum

Chainlink Price Flashes Buy Signal as LINK Whales Accumulate

Best crypto to invest in fall 2024

CoinDCX launches $6m customer protection fund following WazirX hack

Crypto Politics: Is Tim Walz the Right Choice for Crypto in Harris’s Campaign?

Join our free newsletter for daily crypto updates!