Ronin Network pauses bridge after $9.8 million exploit. Initital updates suggest it may be a white hat hacker.

Ronin, the blockchain network for games and which powers the Axie Infinity game, has announced that its pausing its bridge.

The announcement on Aug. 6 comes amid a suspected white hat hacking activity that saw over $9.8 million drained into a MEV bot.

Ronin’s exploit reportedly had the attacker stealing 3,996 Ether (ETH) tokens from the blockchain. On-chain security platform alerted the community to the suspected hacking via a post on X.

#PeckShieldAlert @Ronin_Network #whitehacked? or Hacked? (w/ ~ $9.33M) pic.twitter.com/wfaY0zhVdI

— PeckShieldAlert (@PeckShieldAlert) August 6, 2024

In an update, Ronin confirmed the exploit and noted the network pause would allow its security team to investigate before providing a report.

The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit,” Aleksander Larsen, the co-founder of Axie Infinity and Ronin Network, said in a statement posted on X.

“We will follow up with more information shortly,” Larsen, also known as “Psycheout” on X, added.

According to him, the bridge currently secures more than $850 million, funds that he said were safe

The latest incident involving Ronin’s bridge comes as the market reels amid massive price crash. Axie Infinity’s that had plunged to lows of $3.89, has rebounded amid the broader market’s bounce. The AXS traded around $4.41, more than 11% up in the past 24 hours at the time of writing.

Unlike in March 2022 when a $625 million exploit left AXS nosediving, traders haven’t reacted negatively to the news.

Probably, it’s due to initial reports indicating that the $9.8 million hack on August 6 is likely a white hack. If this is the case, the attacker will return the funds after Ronin patches the vulnerability.

The post Ronin suffers $9.8 million exploit, pauses bridge appeared first on CoinJournal.

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