Tuesday Attack Explained

According to the report, exploiters could only siphon $12 million because of safeguard measures in place. Specifically, there is a bridge limit, which prevents large fund withdrawals. This system prevented further withdrawals during the exploit.

The gaming-focused blockchain pinpointed what led to the attack, citing a new update and articulating that remedies are already underway.

“Today’s bridge upgrade, after being deployed through the governance process, introduced an issue leading the bridge to misinterpret the required bridge operators’ vote threshold to withdraw funds,” the bridge explained.

A post-mortem will be shared next week, with strategies to prevent similar occurrences. One of the project’s key personnel, Bailey.ron on X, said the Ronin Bridge’s principles are one of the things that make it a target for attacks.

“Ronin is one of the few crypto projects working on and achieving real consumer adoption. Coupled with its history, this attracts unwanted attention and constant phishing attempts. Nevertheless, Ronin remains committed to rectifying mistakes and protecting its community and users. I am glad to be contributing here and still have confidence in the team to deliver impact on not just gaming but the overall crypto industry,” Bailey.ron said.

Indeed, the network has made headlines with previous exploits. In 2022, the Ronin Network lost $615 million to an exploit after the perpetrator capitalized on private keys to forge fake withdrawals. This marked one of the largest attacks in decentralized finance (DeFi) at the time.

This development mirrors key security concerns that continue to plague the DeFi space. Meanwhile, the Ronin (RON) token has been down 2% in the last 24 hours, while the Axie Infinity (AXS) token has been down 1% since Wednesday’s session opened.