The Ronin Network has managed to recover nearly $10 million worth of Ethereum (ETH) following a recent security breach. The recovered funds are part of a planned comprehensive audit to strengthen the Ronin bridge’s security protocols. Ethical hackers will receive a $500,000 bounty for recovering $12 million worth of digital assets.

The Ronin Network has launched a comprehensive audit process to improve the security of its bridges that transfer assets from Ethereum to the Ronin sidechain. The audit aims to strengthen the bridge’s security structure and identify potential weaknesses that could be exposed in future attacks. This step was taken after a flaw was recently detected in the bridge that affected the function of determining the correct threshold for withdrawals. Adrian Hetman, an expert at Immunefi, a leading blockchain security firm, stated that such security breaches highlight the importance of meticulous checks during system updates.

On the day of the breach, ethical hackers discovered that the vulnerability, dubbed the “MEV exploit,” was caused by a new vulnerability in the bridge update. This vulnerability prevented the system from recognizing the correct voting threshold and allowed unauthorized transactions. The ethical hackers’ rapid detection and response to this breach played a critical role in preventing further losses.

Ronin Network is not used to these types of security breaches. In March 2022, it lost $622 million in what is known as one of the largest attacks in cryptocurrency history, carried out by the notorious hacker group Lazarus. However, Ronin Network has consistently emphasized its commitment to security to its users. The network, which currently manages more than $850 million in assets, has made it clear that strict security measures are necessary. A comprehensive attack report to be released next week will further reinforce its commitment to transparency and continuous improvement.

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