Hackers reap the rewards of the Ronin (RON) bridge hack, netting $10 million in Ethereum (ETH).
According to the gaming blockchain account X, white hat hackers have returned $10,000,000 in USD to the network and will receive $500,000 in compensation for their efforts.
"ETH (~$10M) has been returned and we expect USDC to be returned later today. We thank the white hat hackers for their vigilance and honesty. The Bug Bounty program will reward white hat hackers with a 500k reward.
The bridge will undergo an audit before it reopens. We will provide updates as this audit progresses.
We are looking to transition the bridge from its current design. We will be working with Ronin validators to implement the new solution and will provide updates as work progresses.
We thank the Ronin community and our allies for their support today."
According to Ronin Network, they were contacted earlier in the day by white hats - hackers acting in good faith - regarding a potential vulnerability in the bridge.
"After checking the reports, traffic on the bridge was stopped approximately 40 minutes after the first action on the chain was noticed.
"The attackers withdrew ~4K ETH and 2M USDC worth ~$12M, which is the maximum amount of ETH and USDC that can be withdrawn from the bridge in a single withdrawal transaction. The bridge limit serves as a critical security measure to enhance the safety of large withdrawals, and it effectively prevented further damage in this exploit."
According to Ronin, the bridge vulnerability was caused by a new update.
"We are working to resolve the root cause. The bridge upgrade will undergo intensive testing before bridge operators vote on whether to implement it.
We are currently negotiating with the actors, who appear to be acting as white hats and have responded in good faith. Regardless of the outcome of the negotiations, all user funds are safe and any shortfalls will be returned to the bridge when it opens."
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