The Ronin blockchain, widely known for its association with the popular game Axie Infinity, is under scrutiny once again. According to PeckShield, Ronin is suspected of being hacked, with an estimated $9.33 million at risk.
This comes in the wake of a major security breach in March 2022, where Axie Infinity’s sidechain, Ronin Network, suffered a vulnerability that resulted in the theft of 173,600 ETH and 25.5 million USDC, amounting to losses exceeding $610 million.
According to PeckShield, the game blockchain Ronin was suspected of being hacked, involving $9.33 million. In March 2022, Axie Infinity's sidechain Ronin Network had a security vulnerability, and a total of 173,600 ETH and 25.5 million USDC were stolen, with a loss of more than…
— Wu Blockchain (@WuBlockchain) August 6, 2024
In a related incident, Cyver Alert has reported that a MEV (Maximal Extractable Value) bot withdrew around 4,000 ETH, valued at approximately $9.85 million. This prompted the team to pause the protocol to prevent further losses.
🚨ALERT🚨Our system has detected a suspicious transaction involving @AxieInfinity
A #MEV bot has withdrawn around 4K $ETH $9.85M!
It seems that team has paused the protocol at https://t.co/PuhMBjvoO3
Funds currently parked at https://t.co/MAIQyrd0SVWant to keep your company… pic.twitter.com/VKniilP4uF
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 6, 2024
Ronin COO Psycheout has stated that the company is actively investigating these reports, particularly those coming from white hat hackers who have flagged potential vulnerabilities in the MEV.
Ronin COO Psycheout said it is investigating reports from white hat hackers about potential MEV vulnerabilities, so Ronin Bridge has been suspended.
— Wu Blockchain (@WuBlockchain) August 6, 2024
As a precautionary measure, the Ronin Bridge has been suspended. This bridge is critical as it currently secures over $850 million, which remains safe for now.
🚨UPDATE🚨Announcement from Co-Founder @Psycheout86 stating that
"The @Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly.
The bridge currently secures over $850M which… https://t.co/nGCsWvAdM2— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 6, 2024
Axie Infinity Gets In Contact With The Attacker
In an unusual turn of events, the deployer for Axie Infinity sent an on-chain message to the attacker, acknowledging the white hat efforts in saving user funds.
The message, visible on Etherscan, reads: “Hey, thanks a lot for white hat saving user funds today. Can we chat over Blockscan chat?” This attempt at direct communication underscores the importance of collaboration in the blockchain community to safeguard assets and enhance security measures.
🚨UPDATE🚨 @AxieInfinity '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 https://t.co/Dmzm2Iv6Db
Want to keep your company off our alerts radar? Learn how to secure… https://t.co/nGCsWvAdM2
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 6, 2024
The Ronin Network’s latest security scare highlights the ongoing challenges in securing blockchain platforms. While immediate measures have been taken to prevent further losses, the situation underscores the need for continuous vigilance and robust security protocols to protect digital assets in an increasingly sophisticated threat landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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