**Ronin Bridge Paused Following $12M Whitehat Hack**

On August 6, 2024, the Ronin Bridge was paused after an on-chain researcher, @pcaversaccio, revealed that nearly 4,000 ETH, worth approximately $9.8 million, had been drained by an MEV bot. Additionally, $2 million in USDC was also withdrawn, bringing the total to nearly $12 million.

Ronin Network confirmed the incident, stating that the bridge was paused roughly 40 minutes after the first on-chain action was detected. The network attributed the exploit to a recent bridge upgrade that misinterpreted the required vote threshold for fund withdrawals.

Ronin Network is currently in discussions with the whitehat hackers to facilitate the return of the funds. This incident follows a recent surge in Ronin Network’s daily active users, which reached a record high of 2.1 million on July 29.