In total, more than 4,000 ether (ETH) and 2 million USDC were taken in the attack on Ronin carried out this Tuesday morning (6). The amount is equivalent to R$67 million.
Ronin Axie Infinity
Ronin, a blockchain focused on gaming, was hacked again this Tuesday (6). According to a statement from the team itself, the attack was carried out by white-hats, that is, hackers who had no intention of stealing funds, but of warning about a vulnerability in the project.
Regardless, the failure is scaring already traumatized investors. After all, Ronin was the victim of one of the biggest hacks in history, losing R$3 billion in March 2022, shortly after the network launched.
At the time, the attack began with a fake job posting on LinkedIn, showing the hackers' commitment to employing increasingly ingenious tactics in their attacks.
Ronin pauses transactions after hack attack
In total, more than 4,000 ether (ETH) and 2 million USDC were taken in the attack on Ronin carried out this Tuesday morning (6). The amount is equivalent to R$67 million.
Less than an hour after the first of the two transactions, developers paused the bridge, used to transfer funds between the Ethereum and Ronin networks, to fix the issue.
“We were notified by white-hats about a possible exploit on the Ronin bridge. After verifying the reports, the bridge was paused approximately 40 minutes after the first on-chain action was detected.”
“We are working on a solution to the root cause,” the statement continued. “The bridge upgrade will undergo intensive audits before being voted on by the bridge operators for implementation.”
Earlier today, we were notified by white-hats about a potential exploit on the Ronin bridge. After verifying the reports, the bridge was paused approximately 40 minutes after the first on-chain action was spotted.
The actors withdrew ~4K ETH and 2M USDC, valued at ~$12M, which…
— Ronin (@Ronin_Network) August 6, 2024
According to reports, Ronin is negotiating a reward to hackers for discovering the vulnerability. More importantly, the team said that investors' funds are protected.
The cause of the problem has not yet been revealed and the developers have promised to release a full report on what happened.
Ronin (RON) works differently
As the hack did not have major consequences, the price of Ronin (RON) is up 8.4% daily, following the recovery of Bitcoin and other major cryptocurrencies on the market. This week, RON is down 29.6%.
Regardless, the old Ronin hack still tarnishes its history. After all, the network promised to be the biggest project for blockchain games, especially since they already had Axie Infinity in their portfolio, but its price never took off.
Ronin suffered a sharp decline shortly after a $3 billion hack at its launch and never took off. Source: CoinMarketCap.
Finally, the new attack shows that the project still faces security issues, which could scare away new investors.
