Ronin Bridge Exploit: $10M Returned by White Hat Hackers

The Ronin (RON) bridge recently fell victim to a significant exploit, resulting in a $10 million theft of Ethereum (ETH).

The Ronin Network, a blockchain platform with a focus on gaming, shared that white hat hackers have since returned the stolen $10 million in USDC and will receive $500,000 as a reward for their ethical behavior.

The Ronin Network expressed gratitude towards these ethical hackers, acknowledging their role in recovering the funds and announcing that the bridge will undergo a comprehensive audit before it is reactivated. Additionally, there are plans to restructure the bridge’s operation, collaborating with Ronin validators to implement a new system. Updates on these changes will be provided as work progresses.

The network thanked its community and supporters for their patience and backing during this challenging period.

Earlier in the day, the Ronin Network was alerted by ethical hackers about a potential vulnerability in the bridge. Following verification, the bridge was paused about 40 minutes after the first suspicious activity was detected. The attackers managed to withdraw approximately 4,000 ETH and 2 million USDC, totaling around $12 million. This was the maximum limit for a single transaction withdrawal from the bridge, a safeguard designed to enhance the security of large withdrawals and which successfully prevented more extensive damage.

The exploit was traced back to a recent update. The Ronin Network is currently addressing the root cause and will conduct thorough audits on the bridge update before seeking approval from bridge operators for its deployment. They are negotiating with the ethical hackers, who have shown good faith. Regardless of the outcome of these negotiations, all user funds are secure, and any shortfalls will be replenished once the bridge is operational again.